Polestar raised 400 million dollars in capital

Polestar has announced a share issuance agreement worth a total of $400 million. Feathertop Funding Limited, a special purpose vehicle consolidated into Sumitomo Mitsui Banking Corporation, and Standard Chartered Bank (Hong Kong) Limited will invest $200 million each. Concurrently with the share purchase, both financial institutions have entered into put option agreements with a subsidiary of Geely Sweden Holdings AB, which owns Polestar. This solution provides the investors with an exit opportunity after three years, with a specified level of return, if needed. Following the new equity funding and December's financing announcements, and with the support of Geely Holding, the company continues to progress in improving its financial liquidity and strengthening its balance sheet. After a record year in retail sales, it is now fully focused on building a stronger Polestar brand, said CEO Michael Lohscheller. Polestar is a Swedish performance electric car brand based in Gothenburg, selling in 28 markets across North America, Europe, and Asia Pacific, with its current lineup including the Polestar 2, 3, 4, and 5, and plans to launch the compact SUV Polestar 7 and the roadster Polestar 6 in the coming years. Production currently takes place in North America and Asia, with plans to further diversify its manufacturing base, including European production for the Polestar 7