Rivian Automotive, Inc. (NASDAQ:RIVN) shares are relatively flat during Wednesday’s premarket session as the company announced a partnership with Redwood Materials to deploy a battery energy storage system at its manufacturing facility.
The partnership was announced on Tuesday. Under the deal, Rivian and Redwood Materials plan to utilize over 100 second-life battery packs to create a system that will initially provide 10 megawatt-hours (MWh) of dispatchable energy.
This collaboration is part of a broader strategy to enhance energy storage capabilities in the U.S., which is expected to require over 600GWh by 2030 to meet growing demand.
Technical Analysis
Rivian is sitting in the middle of its 52-week range ($10.85 to $22.69), which fits a market still debating the next longer swing. The stock is trading 4.4% above its 20-day simple moving average (SMA) and 3% below its 100-day SMA, a setup that leans bullish short-term but still shows overhead supply on the intermediate trend.
The moving average stack is still constructive, with the 20-day SMA above the 50-day SMA, which is consistent with buyers defending recent pullbacks. At the same …
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