Manufacturing was underway on the first prototype FF 91 electric vehicle to be built by Faraday Future at its Hanford plant in this 2018 photo.

There could be renewed hope for Faraday Future’s manufacturing plant in Hanford.

In 2017 Faraday Future announced that its first electric vehicle manufacturing plant would be in Hanford.

In 2019 Faraday Future founder Yueting Jia filed for bankruptcy protection, spurring rumors of the end of development for the Hanford plant. But recent news still leaves a ray of hope for Faraday Future’s future.

At the end of January, Faraday Future announced it would be going public through a merger with Property Solutions Acquisition Corp. (PSAC).

This merger provides $1 billion of gross proceeds to Faraday Future, including $230 million in cash held by PSAC and an upsized $775 million fully committed common stock PIPE at $10 per share.

A PIPE is a Private Investment in Public Equity, whereby a company can privately sell equity in publicly traded stock at a discounted rate.

The transaction is expected to fully fund the production of the Faraday Future’s FF 91 luxury electric car within 12 months of its closing. This will also fund the company’s I.A.I. system (Internet, Autonomous Driving, Intelligence).

“We are excited to enter into this partnership with PSAC. This is an important milestone in our company’s transformation, one that we achieved with strong commitment from our employees, suppliers, and partners in the U.S. and China, as well as the city of Hanford, California,” said Faraday Future’s Global CEO Dr. Carsten Breitfeld.