Riverside officials have announced a new partnership with Chaevi Co., Ltd., a leading South Korean company specializing in electric vehicle (EV) infrastructure and technology. The two parties recently signed a memorandum of understanding (MOU) to explore potential investment and job creation opportunities in Riverside.
The announcement follows a visit by Mayor Patricia Lock Dawson and council member Steven Robillard to South Korea in September, where they met with Chaevi representatives. According to the city’s statement, these discussions led to increased interest from Chaevi in establishing business operations in Riverside.
“We are very excited about the prospect of bringing Chaevi to Riverside,” Lock Dawson said in the statement. “Our trip emphasized how serious Riverside is about growing our green technology hub, and our conversations with Chaevi have generated promising results.”
The MOU, which was signed on November 10, is non-binding and will be effective for two years. It provides an opportunity for Chaevi to join Riverside’s global green technology hub. If successful, this collaboration could result in up to $100 million being invested into the U.S. economy.
Any future agreements between Riverside and Chaevi will require approval from the city council, according to the city’s statement.
