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
In a follow-up to its electric eTCR Veloster race car introduced last year, Hyundai has built a new battery-powered concept based on our favorite hot hatch. It’s called the RM20e, and like the Veloster eTCR, it has a mid-mounted motor and spins the rear wheels. Developed in collaboration with Rimac, it makes a claimed 810 horsepower and 708 lb-ft of torque. That is . . . a lot.
The RM20e is the latest in a long line of midship Hyundai Veloster concepts, with the first having debuted in 2015. The RM stands for “racing midship.” According to the South Korean company, the car is an engineering rolling lab for testing its new high-performance tech. The single 800-volt electric motor is powered by a 60.0-kWh lithium-ion battery pack, which Hyundai claims is able to propel the car to 60 mph in less than three
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