Faraday Future Completes Bridge Financing to Push Forward Production of Its All-electric FF 91 Luxury Vehicle

  • Amended Bridge Financing Includes up to $45 Million in New Senior Secured Financing

  • Birch Lake Fund Management LP, Which Led Senior Bridge Financing Facility in 2019, Returns to Support Faraday Future

 

Faraday Future (FF), a California-based global shared intelligent mobility ecosystem company, today announced that it has completed the expansion and extension of the senior bridge financing facility put in place in 2019 to support the completion and launch of its flagship FF 91 EV and continue development of the mass-market FF 81. The amended bridge facility includes new senior secured financing of up to $45 million, which matures in October 2021.

As part of the expanded and extended financing agreement, Birch Lake, a Chicago-based merchant bank, has returned to support FF as the majority purchaser of the new senior secured financing. The principals of Birch Lake and co-investor, ATW Partners, a New York-based private equity firm, bring extensive experience

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James Webb Telescope Completes Environmental Tests, A ‘Monumental’ Step Towards Launch

KEY POINTS

  • James Webb Space Telescope finally completed the series of environmental tests
  • It recently passed the tests to make sure that it will survive the launch in 2021
  • The tests simulated what it will likely experience on launch day

NASA’s James Webb Space Telescope (JWST or Webb) recently passed milestone tests. The all-important environment tests help ensure that the telescope will survive the trip to space.

It was only in August when Webb passed what’s called the “Ground Segment Test,” which made sure that it will be able to respond to the commands from Earth and also send back valuable data once in space.

In a NASA news release, on Tuesday, the agency said that Webb just passed more milestone tests, this time to ensure that it will survive the launch aboard an Ariane 5 rocket in October 2021.

The recent tests are called the “acoustic” and

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TA Associates Completes Significant Growth Investment in Priority Software

TA Associates, a leading global growth private equity firm, today announced that it has completed a significant growth investment in Priority Software Ltd., a leading global provider of Enterprise Resource Planning (ERP) software. TA joins existing investor Fortissimo Capital, a leading private equity firm based in Israel and focused on special situations and growth opportunities, as an institutional investor in Priority Software. Financial terms of the transaction were not disclosed.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201004005040/en/

Founded in 1986, Priority Software provides end-to-end cloud-based (SaaS) and on-premise business management solutions for organizations of all sizes to improve business efficiency and the customer experience. The company’s Priority PRO product provides comprehensive ERP software for medium to large organizations encompassing demand planning, manufacturing operations, financial management, human capital management, procurement and supply chain management. Priority Software also provides business management software for smaller companies that focuses on

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MIND Technology’s Klein Unit Completes Advanced Naval Technology Exercise

THE WOODLANDS, Texas, Sept. 28, 2020 /PRNewswire/ — MIND Technology, Inc. (NASDAQ: MIND) and its Klein Marine Systems subsidiary successfully completed a live Advanced Naval Technology Exercise (ANTX) in a collaborative effort with the Naval Surface Warfare Center Panama City Division (NSWC PCD); Commander, Naval Meteorology and Oceanography Command (CNMOC) and in coordination with the Naval Oceanographic Office’s Fleet Survey Team (FST), at NSWC PCD. 

Despite COVID-19 limitations and numerous planning challenges caused by Hurricanes Laura and Marco, the collaborative team succeeded in conducting a live ANTX event.  Participants travelled across the country to both Gulfport, Mississippi and Panama City, Florida to assess the operational and technical capabilities of emerging technology innovations.

Klein and a group from NSWC Panama City partnered to integrate the Klein UUV 600 and µMAX technologies into their Iver3 vehicle.  In addition, Klein partnered with Seafloor Systems, Inc. to integrate the Klein MAX View 600

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Rolls-Royce completes ground-testing of technology set to power the world’s fastest all-electric plane – sUAS News

Rolls-Royce has completed testing of the ground-breaking technology that will power the world’s fastest all-electric plane. All the technology has been tested on a full-scale replica of the plane’s core, called an ‘ionBird’, including a 500hp electric powertrain powerful enough to set world speed records and a battery with enough energy to supply 250 homes.

The plane is part of a Rolls-Royce initiative called ACCEL, short for ‘Accelerating the Electrification of Flight’. Our ACCEL project team includes key partners YASA, the electric motor and controller manufacturer, and aviation start-up Electroflight. The team has been developing the technology while adhering to the UK Government’s social distancing and other health guidelines and the systems will soon be integrated into our ‘Spirit of Innovation’ plane. There is a long history of iron-birds in aviation for testing propulsion systems ahead of flight, but in this case we have named the test airframe ‘ionBird’, after

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