October 20, 2020

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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This All-Electric Robotic Combat Vehicle May Accompany Army Units into Battle

Textron Systems announced Thursday that it will deliver an all-electric version of its M5 Ripsaw Robotic Combat Vehicle prototype to the U.S. Army for experimentation next year.

Earlier this year, the Army selected a Textron team to develop its subsidiary Howe & Howe’s unmanned vehicle for the service’s Robotic Combat Vehicle, or RCV, Medium platform.

The Army wants to develop a light, medium and heavy version of the RCV to give commanders the option of sending unmanned vehicles into combat against enemy forces. The service selected QinetiQ North America to build four light versions of the RCV.

Textron is scheduled to deliver four prototypes of its 10-ton M5, which resembles a lightweight tank powered by diesel and hybrid electric motors, by the end of the year.

Read Next: Army Forced to Treat COVID-19 Infections Like Combat Casualties as Training Resumes

The Army also recently selected Textron to deliver an all-electric

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car

810-HP Hyundai Veloster Concept Is an All-Electric RWD Track Car

Photo credit: Hyundai
Photo credit: Hyundai

From Car and Driver

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

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car

Hyundai’s Latest Veloster Concept Is an 810-HP All-Electric Rear-Drive Track Car

Photo credit: Hyundai
Photo credit: Hyundai

From Road & Track

In a follow-up to its all-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 Hyundai’s long line of mid-ship Veloster concepts, with the first debuting 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-kWh lithium-ion battery pack, able to propel the car to 60 mph in less than three seconds, and to 124 mph in 9.88 seconds. Top

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