Visionary Holdings, a Toronto-based public company, is in talks with Saudi Arabia’s Public Investment Fund (PIF) and Qatar’s Alfardan Group to bankroll its newly launched Visionary Industrial Development LPF in Hong Kong.

The issuance scale of Phase I of the fund is $50 million, which will concentrate on investing in new energy related industries, covering but not limited to new energy vehicles, photovoltaics, and energy storage.

The LPF has been launched by the company to finance Pegasus New Energy Vehicle industry, a term used to describe automobiles predominantly powered by electric energy. The Nasdaq-listed Visionary will serve as the lead investor, contributing 10% of the total fund amount. 

The Alfardan Group already has a tie-up with Visionary, following last week’s announcement that the Canadian firm had secured $1 billion in financing from the Qatari family-owned conglomerate to further its battery swapping operations for new energy vehicles in Hong Kong.

(Writing by Bindu Rai, editing by Seban Scaria)

bindu.rai@lseg.com