Galehead Development to Collaborate With Rivian Automotive on Renewable Energy Project Development

Rhea-AI Summary

Galehead Development has entered into an agreement with Rivian Automotive to develop renewable energy projects tailored to Rivian’s locational and environmental priorities. The collaboration will leverage Galehead's proprietary LandCommand® technology to convert Rivian's 3C Framework into actionable developments. This Framework, launched in 2023 with The Nature Conservancy, commits Rivian to sourcing renewable energy that positively impacts climate, conservation, and communities. Galehead will manage and fund these projects until they mature for off-take agreements. The partnership aims to maximize renewable energy value and simplify the path to agreements, with hopes for broader adoption in the industry.

Positive

• Galehead and Rivian's collaboration on renewable energy projects aligns with Rivian's strategic priorities.
• The use of proprietary LandCommand® technology ensures precise and efficient project development.
• Rivian's 3C Framework commits to a measurable positive impact on climate, conservation, and communities.
• Galehead will manage and fund projects, reducing financial burden on Rivian until projects are mature.
• The partnership enhances Rivian’s position as a leading corporate off-taker of renewable energy.

Negative

• The PR does not specify the financial terms of the collaboration, leaving investors uncertain about potential costs.
• There is no mention of the projected timeline or specific project milestones, causing ambiguity about near-term benefits.
• Potential risks related to the execution of new renewable energy projects are not addressed.
• The reliance on a single technology (LandCommand®) might be seen as a potential bottleneck if any issues arise with the tool.

BOSTON--(BUSINESS WIRE)-- Galehead Development, LLC (“Galehead”) and Rivian Automotive, LLC (“Rivian”) have entered into an agreement to collaborate on the development of renewable energy resources tailored to Rivian’s locational and environmental priorities.

Galehead will develop solar projects with specific consideration for Rivian’s “3C” Framework. The 3C Framework is a progressive procurement standard that commits Rivian to sourcing renewable energy from projects that have a measurable positive impact on Climate, environmental Conservation, and local Communities. The Framework was launched by Rivian in 2023 in collaboration with The Nature Conservancy.

Galehead will leverage LandCommand®, its proprietary market intelligence technology, to convert Rivian’s 3C Framework into development campaigns and new projects, allowing Rivian to influence the earliest “upstream” phase of project development. Galehead will fund and manage projects resulting from the engagement until they’ve matured for off-take agreements.

“The relationship represents Galehead’s ability to tailor renewable energy solutions for enterprise customers,” Galehead CEO Matt Marino said. “Rivian is transforming renewable energy procurement with its innovative 3C Framework, and we are thrilled to support its growth as a leading corporate off-taker.”

“By partnering with Galehead to develop projects from the ground up, we maximize the full value of each megawatt of renewable energy we add to the grid, while simplifying the path to an off-take agreement,” says Erik Nielsen, Senior Manager of Energy Sourcing at Rivian, “This is a model we hope can be widely adopted to enable more projects with the greatest potential for positive system-wide climate, conservation, and community impact.”

About Rivian

Rivian (NASDAQ: RIVN) exists to create products and services that help our planet transition to carbon neutral energy and transportation. Rivian designs, develops, and manufactures category- defining electric vehicles and accessories and sells them directly to customers in the consumer and commercial markets. Rivian complements its vehicles with a full suite of proprietary, value-added services that address the entire lifecycle of the vehicle and deepen its customer relationships. Learn more about the company, products, and careers at www.rivian.com.

About Galehead Development

Galehead is the leading upstream development platform for planning, managing and delivering renewable generation resources and low carbon infrastructure. Galehead is powered by its proprietary LandCommand® software with a proven track record for reducing project development risk, costs and timelines. Since 2016 Galehead has successfully developed and monetized 7 GW of solar PV, wind and co-located storage projects and is actively developing new greenfield projects and LandCommand® applications with its network of downstream partners across the U.S. The company has 65 full-time employees and is headquartered in Boston, MA. More information on Galehead is available at www.galeheaddev.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240515026757/en/

Media Inquiries



Allison Lowitz

E. allison.lowitz@galeheaddev.com

M. 617-366-1031

Source: Galehead Development, LLC

FAQ

What is the collaboration between Galehead Development and Rivian Automotive about?

The collaboration focuses on developing renewable energy projects tailored to Rivian's locational and environmental priorities.

How does Rivian's 3C Framework influence the renewable energy projects?

Rivian's 3C Framework commits to sourcing renewable energy with measurable positive impacts on climate, conservation, and communities.

What technology will Galehead use to develop these projects for Rivian?

Galehead will use its proprietary LandCommand® market intelligence technology to develop these projects.

When was Rivian’s 3C Framework launched?

Rivian’s 3C Framework was launched in 2023.

What role will Galehead play in the renewable energy projects?

Galehead will fund, manage, and develop the projects until they mature for off-take agreements.