EV Maker Zap Secures $25 Million in New Funding
When it comes to financing its electric vehicle operations, venerable California-based Zap looks east—specifically, to Asia. The company, which makes the Xebra and other EVs, has been through its share of controversy. But Zap is riding a tide of EV euphoria and has secured $31 million in new financing since June, up to $25 million of it announced this month. The new investor is Cathaya Funds, which focuses on investments with synergies between China and international markets. The investment will be managed by Better World International, Ltd., which is Hong Kong-based and invests in electric car businesses and service providers (concentrating on joint partnerships with Chinese companies). “In addition to targeting market opportunities in the European Union, Zap intends to…
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