The city of Riverside and South Korean electric vehicle technology maker Chaevi Co. are exploring opportunities for local investment and job creation, including the establishment of the firm’s U.S. manufacturing headquarters.
Chaevi’s interest in Riverside was spurred by economic development efforts and a foreign direct investment trip in September that included Mayor Patricia Lock Dawson and City Councilman Steven Robillard.
“We are very excited about the prospect of bringing Chaevi to Riverside,” Lock Dawson said in a statement. “Our trip emphasized how serious Riverside is about growing our green technology hub, and our conversations with Chaevi have generated promising results.”
A memorandum of understanding signed Nov. 10 in Korea establishes a cooperative framework for a multi-phase partnership to support Chaevi’s $100 million entry into the U.S. and expansion into Riverside’s global green technology hub, city officials said. Talks have focused on how Chaevi can thrive in the U.S. market while helping Riverside advance sustainability goals, expand local EV infrastructure and attract more foreign direct investment that align with the city’s economic and environmental policies.
“While there is still work ahead of us, our time with Chaevi reinforced the power of telling Riverside’s story in person,” Robillard said in a statement. “When elected leaders engage directly, it sets Riverside apart as a city that’s serious about building global relationships and a sustainable future.”
The non-binding, two-year MOU expresses the company and city’s intent to collaborate on a shared vision for sustainability and economic growth, official said. Future agreements stemming from the collaboration will be subject to formal City Council approval. Binding commitments, including purchases or contracts, will require council review and approval.
The MOU seeks to develop a plan for the purchase and installation of at least 45 electric-vehicle chargers, according to the city.
Chaevi and the city will work together to identify funding and investment strategies to support the company’s U.S. market entry and also develop a five-year investment and infrastructure plan to advance the city’s clean energy and transportation goals. The first step of the partnership is for Chaevi to establish an office in Riverside in January, officials said.
“This economic development achievement builds on Riverside’s commitment to innovation, sustainability, and global partnership, further strengthening the city’s leadership in advancing clean transportation and creating a greener, more connected future,” according to the city.
