The Missouri Technology Corporation, a firm with an investment portfolio consisting of 48 Missouri startups, reported one of its companies, Emerald Automotive of Hazelwood, Missouri, has been acquired by China-based Geely Holdings Group to be part of its multi-million initiative to produce low-emission vehicles.
According to the state department of economic development “As a result of this acquisition, Emerald Automotive will be positioned to further advance its electric vehicle technology to market. MTC provided financing to Emerald Automotive through a $2 million High-Tech Industrial Expansion loan. An additional $3 million in financing has been provided by the City of Hazelwood.”
MTC’s IDEA Fund investments in startup companies have allowed firm in its portfolio to raise over $90 million in additional private capital. Geely Group will maintain Emerald’s existing loan with the MTC and the City of Hazelwood, which is expected to mature December 31, 2018, and be repaid with interest.
“Geely Group’s acquisition of Emerald Automotive illustrates the important role the Missouri Technology Corporation plays in growing the entrepreneurial community in the Show-Me State,” said Mike Downing, Director of the Missouri Department of Economic Development. “By providing investments to high-tech startups like Emerald Automotive at critical times, these entrepreneurs are able to turn their ideas into products and services that result in positive returns for taxpayers.”
Geely Group, which owns brands including Geely Auto, Volvo Cars and the London Taxi Company, plans to invest a minimum of $200 million over the next five years in the development of sustainable, low-emission vehicles for the global market, using Emerald Automotive’s technological advancements. A management team for Emerald Automotive, an electric vehicle start-up company, will oversee the development of this new green technology in Hazelwood.