Missouri Manufacturer Part Of China-Based Geely Holdings Group’s Multi-Million Dollar Low-Emission Vehicle Initiative
03/03/2014
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.
Project Announcements
Little Leaf Farms Plans Coffee County, Tennessee, Production Operations
07/02/2025
White Rock Truss & Components Expands Lee County, Virginia, Operations
07/02/2025
Fox Tank Company Plans Coshocton, Ohio, Operations
07/02/2025
Ascentek Expands Shreveport, Louisiana, Operations
07/02/2025
ProBio Establishes Hopewell, New Jersey, Gene Therapy Operations
07/02/2025
22nd Century Technologies Expands Fairfax County, Virginia, Headquarters Operations
07/02/2025
Most Read
-
20th Annual Area Development Gold and Silver Shovel Awards
Q2 2025
-
First Person: Joe Capes, CEO, LiquidStack
Q2 2025
-
The Legal Limits of DEI in Incentives Agreements, Hiring, and Contracting
Q2 2025
-
From Silicon to Server: Mapping the Data Center Supply Chain
Q2 2025
-
39th Annual Corporate & 21st Annual Consultants Surveys: What Business Leaders and Consultants Are Saying About Site Selection
Q1 2025
-
Rethinking Life Sciences Site Selection in a Resilient and Dynamic Market
Q2 2025
-
Top States for Doing Business in 2024: A Continued Legacy of Excellence
Q3 2024