Rivian Automotive Inc (NASDAQ:RIVN) announced Wednesday that the electric vehicle maker has acquired Swedish EV route planning app maker Iternio. According to CEO RJ Scaringe the automaker plans to include the technology in its electric pickups and sport utility vehicles, as well use its data to better expand its own charging network.
Scaringe did not disclose the value of the deal but said it was closed in the first quarter.
This news follows reports Tuesday that Rivian has chosen to adopt Tesla's (NASDAQ:TSLA) charging standard for its vehicles as well as its own small fast-charging network. The decision to adopt the charging standard allows customers access to the biggest U.S. charging network and Rivian a significant revenue stream from Tesla users.
Iternio's app, known as A Better Routeplanner (ABRP), has gained popularity among EV owners in North America and Europe. The app offers route calculation services that consider various factors such as weather conditions, charging stops, vehicle weight, and more.
Scaringe has revealed his intentions to invest in improving and expanding ABRP as a standalone app that will cater to users of various EV brands. Furthermore, Rivian plans to integrate Iternio's technology into its own mobile app and in-vehicle navigation system. This collaboration aims to make use of Iternio's expertise, delivering enhanced navigation features and improved route planning specifically tailored for Rivian owners and their electric vehicles.
"The data that comes off of having a very active user base allows us to be very intentional as to how we build out a charging infrastructure," Scaringe said, adding that data on locations that lack chargers or have chargers with poor performance would be particularly beneficial.
"Solving broad-scale adoption of electrification requires a level of collaboration, particularly on charging, that's not typical for automotive," Scaringe said, referring to the deals with market leader Tesla and Iternio.
Shares of RIVN are down 2.65% in afternoon trading on Thursday.