Rivian Automotive Founder and CEO RJ Scaringe said the company has created a new fund he said will make the natural world a shareholder in the Irvine electric vehicle maker.
Scaringe said in a note to consumers the company intends to put 1% of its equity into the Forever fund, which is focused on climate and nature preservation initiatives.
“If our planet is to continue to sustain life and enchant future generations, we must change,” Scaringe said.
The giving program will include community education and initiatives focused on wildlands, waterways and ocean restoration. Scaringe also said Rivian employees would be encouraged to participate in its larger goal.
Rivian last month began deliveries of its first vehicle, the R1T truck, and is preparing for an initial public offering after filing confidential paperwork in August.
Reports have pegged the company’s valuation anywhere from $50 billion to as much as $80 billion.
