eb5exclusive

An Alabama startup company that works on developing and producing hybrid concept cars has announced that it will look to raise capital through the U.S. Citizenship and Immigration Services’ (USCIS) EB-5 visa program.

The company, Hybrid Kinetic Motors, recently displayed a model of its first concept car, the Quaranta, in a Montgomery, Alabama, hotel in an effort to promote investment and support to build cars in the state, Cars.com reports.

The Italian-designed Quaranta concept is the first hybrid car with mid-engine and driving position. Hybrid Kinetic hopes the unveiling of the car will convince lawmakers to offer tax breaks and economic incentives so the company may build a plant and begin making vehicles within the next two years.

Alabama Governor Bob Riley has asked that Hybrid Kinetic confirm it has at least $1 billion in financing before committing state money for incentives, says the news source.

Under the EB-5 visa program, foreign speculators could be granted an expedited green card to live and work in the U.S. if they invest at least $500,000 in a U.S. business and create at least 10 full-time jobs.

Hybrid Kinetics, hoping to begin work on an Alabama facility late this year, could enlist as many as 2,000 foreign investors.