Polestar Secures $1 Billion Loan to Ensure Success of EV Plans

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Polestar secured a $950 million loan from a dozen banks, critical funds needed to keep its EV plans moving forward following Volvo’s decision to pull back its financial support of the electric automaker. Polestar, which has cut 10% of jobs since mid-2023, said it plans to make another 15% cut this year. Polestar currently produces the Polestar 2, Polestar 3, which recently started production in China, and the Polestar 4. The company said it has successfully completed test production runs for the Polestar 3 at its factory in South Carolina. The $950 million loan follows Volvo Cars’ decision last month to reduce its 48% holding in Polestar and let parent company Geely take over financial responsibility.

Silverfort’s Holistic Identity Security Strategy Raises $116M, Boosts Valuation to $1B

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startup, takes an all-in view when it comes to identity security in an organization. So the best way to protect against malicious exploits is to secure identity authentication between any and all of them. “We believe we can actually be that focused identity security layer that covers all the silos,” CEO and co-founder Hed Kovetz said in an interview. As those familiar with security technology know, the space can be sliced and diced into many different domains and approaches. Each point of interactivity essentially involves authentication between apps and therein lies the challenge: each of these can become a potential vulnerability.