RAC Electric Vehicles Inc. (GTSM:2237) announced that it has entered into an agreement with new investor Sumitomo Corporation (TSE:8053) for a private placement of common shares for gross proceeds of ¥500,000,000 on November 12, 2019. As a part of the transaction, the investor will acquire 7% stake in the company. The transaction is expected to close by February 2020.