Chinese JV for Tanfield affiliate
Washington-based work platform maker Tanfield Group has revealed its US associated company Smith Electric Vehicles has secured $25m (£16m) of investment.
Smith has signed a letter of intent with Wanxiang Group, a Chinese automotive parts manufacturer.
The money to be pumped into Smith will form part of a $75m (£47m) investment for a joint venture to develop, manufacture and commercialise all-electric school buses and commercial vehicles for industries in China.
Last week, Smith revealed it was looking to raise $40m (£25m) and the Chinese joint venture cash forms part of that fundraising.
Tanfield also raised funds last week in a £12m placing. The business said the cash injection would help overcome supply chain problems and accelerate its expected return to profitability.
