Embattled electrical car start-up Lordstown Motors mentioned Wednesday it has closed a $230 million deal to promote its Ohio manufacturing facility to Taiwanese contract producer Hon Hai Expertise Group, higher often known as Foxconn.

Lordstown’s shares surged greater than 35% in after-hours buying and selling following the information.

The deal to promote the plant, a former Basic Motors manufacturing facility, has been seen as a important lifeline for Lordstown, which has run by way of almost all the money it raised in a merger with the special-purpose acquisition firm (SPAC) that took it public in October 2020.

The events had set a Could 18 deadline to finish the deal. Had it not closed earlier than then, Lordstown would have been out of money and, seemingly, out of choices to finish growth of its Endurance electrical pickup.

Foxconn plans to make use of the manufacturing facility to construct EVs for shoppers beneath contract, together with the Endurance and a brand new low-cost mannequin for California start-up Fisker that is anticipated in 2024.