ZAP announced this morning that it has closed on a $2 million private placement from the Banks Group LLC. The company has been a leader in electric transportation since 1994, delivering over one hundred thousand vehicles to consumers in more than seventy-five countries. ZAP offers a full line of electric vehicles, including electric city-cars and trucks, motorcycles, scooters, bicycles, and ATVs.
Jeffrey G. Banks, the Group’s principal and a current investor in ZAP, stated, “I strongly believe in ZAP’s market attractiveness, especially as they begin transition into domestic production. Given the company’s knowledge, experience and leadership position, there is no doubt in my mind that we’ve made a predictably smart EV investment.â€
“Mr. Banks’ confidence in our business plan and affirmation through his investment speaks loudly about our opportunities in electric transportation,” commented Steven Schneider, CEO of ZAP. “ZAP continues to innovate and lead the movement in electric transportation.”
According to the terms of the agreement, funds from the private placement will be released in stages. The capital will be used for general and administrative operating expenses and to continue the companyâ€™s accelerated R&D on new electric vehicles in the planning pipeline. The R&D results are expected to be seen in new vehicles produced by Zap Motors Manufacturing’s new production and assembly facility in Kentucky, an applicant for a $200 million loan under the US Department of Energy’s Advanced Technology Vehicles Manufacturing and Incentive Program.