Polestar Automotive (PSNY) announced a combined $300 million equity investment from Banco Bilbao Vizcaya Argentaria (BBVA) and Natixis, with each investing $150 million.

Concurrent with the deal, the two financial institutions entered into put option arrangements with a wholly owned subsidiary of Geely Sweden Holdings, providing an exit path in three years with defined returns as part of the financing structure, Polestar said Friday in a statement.

Additionally, Geely Sweden agreed to convert $300 million of Polestar Automotive's outstanding debt into equity, subject to regulatory approvals.

The equity investments are expected to close by Dec. 23.