Smith Electric Vehicles Corp. will resume production in Kansas City in the summer now that the company is set to receive $42 million from a Hong Kong investor.
On Monday, the Kansas City electric vehicle company announced that it secured a $42 million commitment from Hong Kong-based lithium-ion battery producer and distributor Sinopoly Battery Ltd. Sinopoly’s first round of funding, $2 million, closed on Monday, a release said, and the remainder will be invested in two tranches pending milestones both companies achieve in the coming months.
The investment will position Sinopoly as a strategic shareholder in Smith, a release said. Under the agreement, Sinopoly will become Smith’s exclusive supplier for batteries and Smith’s preferred supplier for certain electric vehicle components that can be manufactured in its Hangzhou facility.