Visionary Holdings Fast-Tracks Battery Swap Expansion As Loan Process Underway

Benzinga·03/14/2025 14:31:33

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Visionary Holdings Inc. (NASDAQ:GV) shares are surging on Friday.

The company is set to benefit from a significant $1 billion financing from the Alfardan Group of Qatar. This investment is currently entering the loan process and is expected to close soon.

As part of the information disclosure requirements for U.S.-listed companies, Visionary is shedding light on how this funding will impact its battery swap project in Hong Kong.

Recently, Visionary has teamed up with PEGASUS International Group (Hong Kong) to broaden its battery swap services in the region. PEGASUS is set to finalize the agreement for the battery swap station in Hong Kong.

The Hong Kong government is backing the growth of new energy vehicles and has unveiled plans to establish 3,000 high-speed battery swap and charging stations by 2030, offering huge market potential for the project.

Also Read: What’s Going On With Palantir Technologies Stock Today?

The company plans to invest 420 million Hong Kong dollars (~$54 million) to construct 600 battery swap and charging stations by 2029, with the first station set to open in March 2025. In 2025 alone, Visionary aims to complete 10 stations.

The $1 billion funding from Alfardan Group is crucial, enabling the company to fast-track the construction of its network and solidify its position as a market leader in Hong Kong’s battery swap market.

The financing supports the development of the battery swap infrastructure and ensures that Visionary can meet the rising demand for new energy vehicle services.

The company's goal is to capture 20% of the market share in Hong Kong, gaining a competitive edge and securing substantial profits.

By following disclosure guidelines, Visionary plans to keep investors updated on the project’s progress and ensure transparency.

Price Action: GV shares trading higher by 4.18% at $5.855 at last check Friday.

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