Cathaya Invests $11 Million in ZAP (ZAAP.OB) for Jonway Acquisition
Cathaya Capital LP is investing $11 million into ZAP, a 15-year old California electric vehicle (EV) company. The money will be used to help finance the 51 percent majority interest, $29 million acquisition of Zhejiang Jonway Automobile Company Ltd. The new company combines ZAP's experience in electric vehicles with Jonway's quality auto manufacturing capabilities in China. The merged company will be able to accelerate cost-effective manufacturing of ZAP's electric vehicles and gives ZAP access to China's rapidly growing auto market through Jonway's distribution channels of 80 factory-direct dealerships that feed into hundreds of factory-authorized dealers. With Jonway's capabilities of producing…