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Swedish EV maker Polestar charges up with €174M equity investment: Know more
- Gothenburg-based Polestar, a premium electric vehicle firm, secures a €174M equity investment from PSD Investment Limited controlled by Mr. Shufu Li.
- Polestar will issue and sell 190,476,190 newly issued Class A American Depositary Shares (ADSs) at $1.05 per share in a private investment in public equity (PIPE) transaction.
- PSD Investment plans to convert 20,000,000 of its Class B ADSs into Class A ADSs to keep voting power below 50% post-transaction.
- The funding will be utilized for working capital requirements and general corporate purposes by the Swedish EV company.
- Polestar secured a $950M three-year loan facility from 12 international banks last year.
- Polestar, founded in 2017 by Volvo Cars and Zhejiang Geely Holding, plans to have five performance EVs by 2026 and aims for a climate-neutral car by 2030.
- Current Polestar models include Polestar 2, Polestar 3, and Polestar 4, with future models like the Polestar 5, 6, and 7 planned.
- Vehicles are currently manufactured in North America and Asia, with plans to diversify production to Europe for Polestar 7.
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