Valmet Automotive Receives €20M Equity Investment
Summary
Valmet Automotive, a Uusikaupunki, Finland-based electric vehicle developer and manufacturer, has received a €20m equity investment from Finnish Industry Investment Ltd and Pontos Group., a Uusikaupunki, Finland-based electric vehicle developer and manufacturer, has received a €20m equity investment fromand Following the transaction, whose completion is still subject to receiving the necessary regulatory permits, the investors will own 34% of the company’s total capital stock.In 2009, the company generated net sales of €56m and employed some 800 people.Serial production of Fisker Karma hybrid cars is planned to start in the first quarter of 2011.The investment will enable Valmet Automotive to acquire Karmann’s convertible vehicle roof business and expand into Germany and Poland.