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Rivian Foundation Awards First $10 Million in Grants

Rivian, the electric vehicle (EV) maker, has disclosed the first $10 million in grants awarded by its foundation, established in 2021 as part of the company’s commitment to environmental sustainability.

• The Rivian Foundation has distributed the grants to 41 organizations primarily in the United States, focusing on land preservation and conservation, agriculture, indigenous and urban communities, and renewable energy.
• The foundation’s largest grant of $2 million went to The Nature Conservancy, aimed at protecting California landscapes for future generations.
• Rivian also awarded $1 million to the Ocean Resilience Climate Alliance (ORCA), a coalition committed to promoting ocean-based climate solutions.

Rivian’s Commitment to Philanthropy

Rivian’s foundation represents a significant commitment to philanthropy, rooted in the company’s mission to address climate change.

• The foundation was initially established as "Forever by Rivian" and received 1% of the company’s total equity, valued at $643 million at the time of Rivian’s 2021 initial public offering (IPO).
• However, Rivian later opted for a 501(c)(3) foundation model for increased transparency and impact, moving the assets from Forever by Rivian to the Rivian Foundation.

Rivian's Stock Performance and Foundation's Funding

Since its IPO, Rivian’s stock price has declined significantly, causing the value of the foundation’s equity stake to shrink.

• The initial $643 million equity stake is now worth approximately $98 million, highlighting the impact of market fluctuations on the foundation’s funding.
• Despite this, the foundation has maintained its commitment to environmental causes and continues to allocate grants for conservation, climate action, and renewable energy initiatives.

Focus on Conservation and Climate Change

Rivian’s foundation has prioritized organizations engaged in conservation, climate change mitigation, and sustainable development.

• The foundation’s grant recipients include organizations dedicated to land preservation, protecting wildlife habitats, promoting sustainable agriculture, and supporting indigenous communities.
• The foundation’s focus on "Natural Climate Solutions" (NCS) reflects the growing understanding of the role of nature in addressing climate change.

Rivian's Foundation's Strategic Philanthropy

The Rivian Foundation has adopted a strategic approach to philanthropy, involving expert consultation and a commitment to transparency.

• The foundation has partnered with Building Impact Partners, a philanthropy advisement firm, to enhance its grantmaking strategy.
• The foundation’s website provides detailed information about its grant recipients, funding priorities, and governance structure, fostering transparency and accountability.

Rivian's Continued Commitment to Sustainability

Rivian’s foundation serves as a testament to the company’s commitment to sustainability and its broader impact beyond EV manufacturing.

• By supporting organizations focused on conservation, climate action, and community development, Rivian is demonstrating its dedication to contributing to a more sustainable future.
• The foundation’s work aligns with Rivian’s mission to accelerate the transition to a carbon-neutral future through innovative electric vehicles and responsible business practices.