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Faraday Future Completes Bridge Financing to Push Forward Production of Its All-electric FF 91 Luxury Vehicle

  • Amended Bridge Financing Includes up to $45 Million in New Senior Secured Financing

  • Birch Lake Fund Management LP, Which Led Senior Bridge Financing Facility in 2019, Returns to Support Faraday Future

 

Faraday Future (FF), a California-based global shared intelligent mobility ecosystem company, today announced that it has completed the expansion and extension of the senior bridge financing facility put in place in 2019 to support the completion and launch of its flagship FF 91 EV and continue development of the mass-market FF 81. The amended bridge facility includes new senior secured financing of up to $45 million, which matures in October 2021.

As part of the expanded and extended financing agreement, Birch Lake, a Chicago-based merchant bank, has returned to support FF as the majority purchaser of the new senior secured financing. The principals of Birch Lake and co-investor, ATW Partners, a New York-based private equity firm, bring extensive experience

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How do you bridge the ‘valley of death’? Bring a ladder.

What is it about the “valley of death” that both government and commercial software executives strive to cross?

The term means one thing to government and something different to industry because they are each seeking different goals. In the government, it refers to transitioning from a research and development project to a program of record. Among venture-backed tech companies, it refers to transitioning from pilot programs to larger customer engagements and the valuation-enhancing financing rounds that ensue. Yet this is extremely difficult to do.

When thinking about how to cross the valley of death, instead of a bridge, a better metaphor may be a stepladder; taking measured steps that include sizing the market, honing the product and ensuring that existing revenue is going toward funding product development that enables solutions to chart a path out of the “valley.”

The reason transition is so difficult is that the expectations that accompany

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