The year 2021 has started off on a high note for electric vehicle (EV) funding and it seems set to break the previous year’s records.

According to the research data analyzed and published by ComprarAcciones.com, electric vehicles raised a cumulative $6.45 billion in January 2021. Companies in the industry raised the funds through SPAC mergers, acquisitions, IPOs and other capital raises.

Based on Bank of America’s forecast, the global transition toward full electrification might cost over $2.5 trillion in the coming decade. The bank projects that the EV SPAC boom that characterized 2020 is set to continue through 2021.

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