Smith Electric Vehicles finds $42M investor

Kansas City-based Smith Electric Vehicles Corp. is getting $42 million from an investor in Hong Kong, allowing it to resume making electric cars this summer, the Kansas City Business Journal reported Tuesday.
 
Lithium-ion battery maker Sinopoly Battery Ltd.’s first $2 million closed Monday; the remainder will be invested when both companies achieve predetermined goals.
 
The investment allows Sinopoly to become a strategic shareholder in Smith and Smith’s exclusive supplier for batteries, and positions Smith to expand sales into China, where demand for electric cars is growing, according to the report.

Read more from the Kansas City Business Journal.