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Smith Electric Vehicles gets $42m backing

Electric van manufacturer Smith Electric Vehicles is to resume production this summer, following a $42m (£25m) funding commitment from Chinese firm Sinopoly Battery Limited.

The investment will be made in three parts, with the first $2m (£1.2m) already closed, and the remainder set to go through pending unnamed milestones to be achieved by both companies in the meantime.

As a strategic shareholder, Sinopoly will become the exclusive battery supplier for Smith Electric’s range of vehicles, as well as other components which it can manufacture at its facility in Hangzhou, China. The investment will give Sinopoly a 19% stake in the Kansas-based manufacturer, and a director on the board.
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