US-based electric car company Faraday Future (FF) announced Friday that it has raised nearly $100 million in debt financing led by Ares with participation from existing lenders including Birch Lake.
FF is an electric car company founded by Jia Yueting, an entrepreneur who in October 2019 filed for bankruptcy in the US after running up billions of dollars in personal debt.
FF said the debt financing follows FF's announcement that it has signed a merger agreement with Property Solutions Acquisition Corp.
The new financing will accelerate the execution of FF's product strategy and will officially launch production readiness at the Hanford manufacturing facility, bringing forward the countdown to delivery of the FF 91, the company said.
The FF 91 is scheduled to be delivered approximately 12 months after the closing of the merger with PSAC.
Preparation and start-up of the Hanford manufacturing facility will include the hiring of new employees, additional construction, and the installation and commissioning of equipment to ensure that the FF 91 is produced and delivered on time, the company said.
In addition, the funding will help FF further product testing and upgrade its leading I.A.I (Internet, Autonomous Driving and Intelligence) system.
It will also help the company fully restart its supply chain partnerships, build its user ecosystem, and accelerate FF's China operations.
"This funding and subsequent merger with PSAC are instrumental steps to the realization of FF's overall This allows us to build upon our existing momentum and continue our production planning and this allows us to build upon our existing momentum and continue our production planning and deliver the FF 91 to consumers on time," said Carsten Breitfeld, Global CEO of FF.
Faraday Future has raised $4.8 billion in total funding, second only to NIO