Workhorse intends to take a minority stake in the unnamed company that Steve Burns, the company’s former chief executive, said he formed to buy the factory. Mr. Burns has said he needs to raise about $300 million to acquire and restart the plant, which G.M. had used to produce a small car, the Chevrolet Cruze.

Mr. Burns did not immediately respond to an email seeking comment.

In return for providing Workhorse with cash, investors are getting preferred stock and warrants to purchase shares. The preferred stock comes with an annual dividend that is paid out in shares of Workhorse stock.

The warrants have an exercise price of $1.62 a share and can be immediately exercised by the investors, according to a regulatory filing. Shares of Workhorse closed at $2.85 on Monday, up 25 percent.

“This funding provides Workhorse with sufficient capital to fully deliver on our existing backlog,” Duane Hughes, Workhorse’s chief executive, said in a statement.