GreenTech Automotive Raises $47 Million in Equity Funding Round

Sept. 30 (Bloomberg) — GreenTech Automotive Inc., the
battery-powered carmaker previously led by Virginia Governor
Terry McAuliffe, raised $47 million in an equity round.

Ninety-four investors contributed to the financing,
according to a filing today with the U.S. Securities and
Exchange Commission. The unit of McLean, Virginia-based WM
GreenTech Automotive Corp.
had sought as much as $60 million.

Sean McCabe, a GreenTech Automotive spokesman who works for
the Pinkston Group, declined to provide additional information
on the funding round when reached by telephone.

McAuliffe, a Democrat, resigned as chairman in December
2012 to focus on a gubernatorial race against Ken Cuccinelli,
who had made an issue of GreenTech Automotive’s being subpoenaed
by the federal government for records linked to using a visa
program to lure foreign investors.

Cuccinelli, then the state’s attorney general, lost to
McAuliffe as Democrats swept the state’s top offices.

To contact the reporter on this story:
Justin Doom in New York at
jdoom1@bloomberg.net

To contact the editors responsible for this story:
Reed Landberg at
landberg@bloomberg.net
Robin Saponar, Tina Davis

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