Polestar, the Geely-owned electrical efficiency automobile firm, says it has raised USD550 million  from a gaggle of long-term monetary buyers.

The personal placement of newly issued shares come as the worldwide marketplace for electrical vehicles is rising with the expertise behind electrical vehicles advancing and coming down in value.

Polestar says these elements led to Polestar attracting appreciable curiosity from a variety of exterior buyers as a part of its fund-raising actions. Polestar additionally confirmed it’s in ongoing discussions with world buyers about doable further fund elevating.

Full monetary particulars of the transaction are usually not being disclosed at this stage.

The group of buyers is led by Chongqing Chengxing Fairness Funding Fund Partnership, Zibo Monetary Holding and Zibo Hightech Industrial Funding. They’ve been joined by I Dice Capital, an arm of SK Inc., the South Korean world conglomerate, and a variety of different buyers.

Polestar says the brand new funding units the stage for future progress by diversifying Polestar’s funding construction and deepening the pool of assets obtainable to speed up product growth and technological capabilities ‘forward of launching a number of ground-breaking vehicles within the coming years’.

“Our new buyers have acknowledged that Polestar gives an alluring mixture of established industrial and technological functionality alongside superlative progress potential as the worldwide auto business goes electrical,” mentioned Thomas Ingenlath, CEO of Polestar.