Faraday Future (FF), a California-based tech company focused on the development of electronic vehicles, announced on Oct. 14 that it has completed the expansion and extension of its senior bridge financing facility, which was put in place in 2019 to support completion and launch of its flagship FF 91 EV.
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 with tailored investment structure solutions.
According to FF’s production launch plan, the FF 91 will kick off production approximately 9 months following the closing of a successful round of funding, which is expected in the near term. The newly announced FF 81 EV and development preparation for future models and next-generation core technologies will be completed as soon as possible.
Faraday Future was established in May 2014 and headquartered in Los Angeles. Its vision is to create a shared intelligent mobility ecosystem. With the FF 91, FF has envisioned a vehicle that redefines transportation and connectivity, creating a third internet living space complementing users’ homes and smartphone internet experience.