By Stephen Nakrosis
Electric-vehicle company Faraday Future Intelligent Electric said it entered into a comprehensive strategic licensing agreement with intellectual property commercialization company Grow Fandor.
Under the terms of the deal, Faraday Future grants Grow Fandor exclusive licensing rights as the only third party allowed to use FF and FX brands and marks in categories like apparel, automotive accessories and personal care products, among others.
Faraday Future said Wednesday its anticipated economic benefits include royalty fees, with the deal having the potential to become a new growth driver.
The deal won't require Faraday Future to contribute any resources for development of branded products, the company said.
Faraday Future also said it has already received an initial $250,000 annual license fee.
Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
November 13, 2024 18:08 ET (23:08 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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