Polestar is interested in raising more equity, CFO says (updated)

Volvo Car AB

29/02/2024 14:05

(Adds CFO quote in paragraph 2, background)
       STOCKHOLM, Feb 29 (Reuters) - Polestar is interested in
raising more equity, its chief financial officer Per Ansgar told
an investor call on Thursday.
    Ansgar spoke a day after the firm said it had raised a $950
million loan from a bank syndicate, helping to fill a gap left
when Volvo Cars said earlier this month it would stop funding
the electric carmaker.
        "I would like to have more equity into the company ...
and will try to do some equity raising to make sure we don't
have the remaining need and also to strengthen our balance
sheet," he said.
  
        Polestar lacks an additional $350 million to reach the
$1.3 billion in external funding it has said it needs to break
even in 2025.
  
        Geely Holding, which is one of the companies who founded
Polestar and recently received a large stake after Volvo's exit,
said on Wednesday it intends to participate in future financing
activities when required.
  

 (Reporting by Marie Mannes, writing by Stine Jacobsen, editing
by Essi Lehto and Louise Rasmussen)
 ((stine.jacobsen@thomsonreuters.com; +45 21 56 90 10;))