Smith Electric Vehicles US has announced that it has completed raising private funds to finance its growing business, following the acquisition of its UK subsidiary.
A new $58 million equity fund from the sell-off of company shares will now help the company ramp up its supply chain and manufacturing capability in order to deliver on its growing bank of orders.
Following the increase in funds, associate firm,Tanfield, will reduce its equity stake in the US car maker from 49 per cent to 32.2 per cent. Smith Electric Vehicles will pay $5 million to Tanfield as first of 20 instalments for the purchase of Tyne & Wear-based Smith Electric Vehicles.
Smith Electric Vehicles US confirmed its purchase of its UK equivalent from parent firm, Tanfield back in January. The auto maker produces a range of electric commercial vehicles with payload capabilities from 800kg up to 7,200kg.
