A name you may have heard before, EV company GreenTech Automotive has raised $47 million in a recent equity round.
According to a filing with the U.S. Securities and exchanges Commissions, 94 investors contributed to the $47 million; the company was originally aiming for $60 million.
GreenTech Automotive (GTA) describes itself as a U.S. automotive manufacturer dedicated to developing and producing environmentally friendly, energy-efficient vehicles.
The money raised is expected to be used to start production of the company’s MyCar two seat EV as well as a sedan, the G2. GTA is also involved in other ventures, like WM Motors, Saleen Motors International and Advanced Composite Technology.
The company announced on September 9, 2014, completion of construction of its new production facility in Tunica, Miss.
“GTA has made significant progress toward our engineering, production, hiring and industry partnership goals in recent months,” said Charles Wang, chairman and CEO of GTA. “We’re eager to move into our new, permanent manufacturing home in Tunica and begin production there as soon as possible.”
The facility is located at One GreenTech Drive, Robinsonville, MS, 38664, near the intersection of Old Mississippi 304 and Buck Island Road.
With construction on the new facility complete, GTA said it is making final preparations in the building’s interior and has started moving equipment from its pilot manufacturing facility in Horn Lake, Mississippi.
The company stated it expects to celebrate the facility’s grand opening and begin vehicle production there in the fourth quarter of 2014.