Lordstown Motors evaluates strategic partners in funding search

LORDSTOWN, Ohio -Electric vehicle startup Lordstown Motors Corp is"evaluating strategic partners" as part of its search for funding needed to stay in operation, the company's executive chair, Angela Strand, said on Monday.

Since the"going concern" warning, the company has tried to allay worries by saying it was in talks with multiple parties to raise funds. Strand said Monday the company is also"continuing our due diligence" in pursuit of a loan from the U.S. Department of Energy. Burns said in 2020 the company was seeking a US$200 million loan from the Energy Department's Advanced Technology Vehicles Manufacturing loan program.

Several EV startups over the past year have gone public via mergers with SPACs, bypassing the rigorous scrutiny of a traditional initial public offering process. The following day, Lordstown President Rich Schmidt said the automaker had binding orders, but the company subsequently backtracked from that comment.

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