The City signed an agreement with Chaevi Co., a South Korean electric vehicle infrastructure company, to explore establishing the firm's U.S. manufacturing headquarters in Riverside.
The memorandum of understanding, signed Nov. 10 in Korea, could bring new jobs and investment to Riverside's developing green technology sector. Chaevi plans to open a Riverside office in January as a first step in the partnership.
Mayor Patricia Lock Dawson and Councilmember Steven Robillard met with Chaevi executives during a September economic development trip to South Korea focused on attracting foreign investment.
"We are very excited about the prospect of bringing Chaevi to Riverside," Lock Dawson said. "Our trip emphasized how serious Riverside is about growing our green technology hub, and our conversations with Chaevi have generated promising results."
The agreement outlines a multi-phase partnership supporting Chaevi's $100 million U.S. market entry. The two parties will work together to identify funding strategies and develop a five-year plan to advance Riverside's clean energy and transportation goals.
Initial discussions include installing at least 45 electric vehicle chargers in Riverside over two years.
"While there is still work ahead of us, our time with Chaevi reinforced the power of telling Riverside's story in person," Robillard said. "When elected leaders engage directly, it sets Riverside apart as a city that's serious about building global relationships and a sustainable future."
The memorandum is non-binding and creates no legal or financial obligations. Any binding commitments, including purchases or contracts, will require future City Council approval.
