Just three years after committing to involve the “planet” as a “stakeholder in our success,” Rivian has unveiled the initial $10 million price tag for grants from its Rivian Foundation.
The corporation has announced a milestone for its muse initiative, showcasing 41 recipients who will receive approximately $10 million in combined funding starting from Monday. The majority of recipients reside within the United States, although some lie outside the electric vehicle startup’s home country.
The website offers a rare glimpse into one of the most closely held secrets developed by Rivian, following its highly anticipated initial public offering. As Rivian’s inventory value plummets from its post-IPO peak, the hypothetical worth of the company’s 1% stake in the museum’s fair share has dwindled dramatically, decreasing from a staggering $643 million to a mere $98 million.
Until now, the ambiguity surrounding Rivian’s Basis initiative and its affiliated entity, Endlessly by Rivian, has persisted, leaving uncertainty about their respective priorities, investment strategies, and potential impact from reduced capital availability.
The record of grantees starts to address some of these queries, revealing an organization focused on preserving land, conserving natural resources, supporting local agriculture, empowering indigenous and concrete community initiatives, and promoting renewable energy.
The largest grant of $2 million was awarded to The Nature Conservancy in August of this year. Rivian is committed to supporting initiatives that foster collaborative efforts to preserve California’s vital landscapes, where wildlife thrives, cultural heritage is protected, and people are inspired for generations to come. The company has also donated $1 million to the Ocean Resilience Climate Alliance (ORCA) to further this mission. Prior to forming the alliance, ORCA invested $250 million in Rivian’s Series B funding round in late 2023, but did not disclose the exact scale of their investment at that time. The majority of opposite grants range from $100,000 to $400,000.
Rivian unveiled its ambitious Endlessly By Rivian initiative in October 2021, just a month prior to its initial public offering, signaling a bold vision for the company’s future. RJ Scaringe, CEO and founder of the company, a vegan committed to environmental causes including climate change and renewable energy, announced that his firm was committing over 8 million shares, roughly 1% of its total equity, valued at $643 million at the time, alongside a $20 million cash injection.
The corporation suddenly fell mute regarding Endlessly. Rivian has established two entities to drive its mission forward: Endlessly by Rivian, Inc., a 501(c)(4) social welfare organization, and the Rivian Foundation, a 501(c)(3) non-operating private foundation.
Tax filings reveal that Endlessly by Rivian transferred $25 million to the Rivian Foundation in 2023, but the corporation distributed only $123,250 that year, which is less than 1% of its total assets, as required under U.S. laws and regulations? Tax regulations mandate that private foundations disburse funds annually. The Muse remained tight-lipped about where funds were allocated, revealing only that $60,000 was donated to “Pure Local weather Options,” a concept championed by organizations such as The Nature Conservancy and the World Economic Forum. The organization also incurred consulting costs of $91,500, which were paid to Constructing Affect Partners, a New York-based non-profit advisory firm specializing in philanthropic strategies.
Since its October 2021 announcement, the status of Endlessly by Rivian remains shrouded in uncertainty. The 501(c)(4) organization lacks publicly available filings, with its tax-exempt status mechanically revoked by the IRS in May of this year due to failure to submit annual returns, according to the agency’s website. TechCrunch has contacted us to solicit further comment and is willing to revise the article should we provide a response.
