Faraday Future, a California-headquartered global shared intelligent mobility ecosystem company, raised approximately $100 million in debt financing commitments led by Ares, with existing lender Birch Lake and other lenders joining the debt financing round.
Birch Lake affiliates remain the majority notes purchaser and collateral agent on the secured financing facility. This new funding allows Faraday to begin production preparation at its manufacturing facility in Hanford, CA, and advance the countdown of the delivery of the FF 91, which is planned for approximately 12 months after the close of Faraday’s previously announced merger with Property Solutions Acquisition Corp.
The preparation and start-up of the Hanford manufacturing facility will include new hiring, additional construction, and equipment installation and calibration to ensure the on-time production and delivery of FF 91. In addition, the funds of the debt financing will help further product testing, upgrade the Advanced Internet, Autonomous Driving and Intelligence (I.A.I) system, reboot supply chain efforts, build out the user ecosystem organization and accelerate the Faraday Future China business operations strategy.
“We greatly appreciate the strong support that Ares and Birch Lake bring to Faraday Future,” Carsten Breitfeld, global CEO of Faraday Future, said. “This funding and subsequent merger with PSAC are instrumental steps to the realization of FF’s overall strategy and product fulfillment. This allows us to build upon our existing momentum and continue our production planning and deliver the FF 91 to consumers on time.”
