ZAP Completes $2m Private Placement

Electric car manufacturer and distributor ZAP has closed on a $2 million private placement from the Banks Group via private placement memorandum.

Funds would be used for general and administrative operating expenses and to continue the company’s accelerated R&D on new electric vehicles in the pipeline.

The company anticipates the R&D to be implemented in new vehicles, which will be produced at Zap Motors Manufacturing’s new production and assembly facility in Kentucky.

ZAP manufactures a line of electric vehicles, including electric city-cars and trucks, motorcycles and ATVs.
http://www.automotive-business-review.com/news/zap_completes_2m_private_placement_150609

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