Santa Rosa, California – Electric vehicle company Zap has announced that it has secured up to US$25 million in new financing, which it will use to pursue longer-term contract production and assembly commitments, and to accelerate deliveries of trucks and vans to fill current fleet and government orders.
The financing was provided by Cathaya Capital, a California-based company backed by Paris-based Jaccar Holdings.
Zap, which has been distributing and selling electric vehicles for 15 years, said that it also plans to further broaden and accelerate its development of powertrain technologies that will improve overall vehicle performance while achieving cost reductions.
“This is a critical juncture for Zap, as we now have the means and resources to begin addressing the opportunities at hand on a global basis and to fully realize the leadership position possible in the electric vehicle marketplace,” said Zap CEO Steven Schneider.
The financing will enable Zap to expand its vehicle distribution network into the European Union. The company also plans to pursue automotive opportunities in China. With this latest announcement, new financing for Zap’s electric vehicle capital expansion since June is now at a total of $31 million.