Harbin Electric, a leading specialized motor producer operating in a 215,000 square foot manufacturing facility located in the Economic Development Zone in Harbin, Northeast China, has sold 3.5 million common shares at $14.13 a share in
a private placement to institutional investors for $49.5 million.
The proceeds will be used for working capital, besides financing the recently announced acquisition of an industrial rotary motors business.
But it does larger and more adventurous projects as in the experimental electric bus seen in the illustration.
Harbin Electric is building its second facility in Shanghai Zhuqiao Airport Industrial Zone.