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Gov. Beshear releases public records about Braidy Industries

Adam Beam/AP

This Aug. 22, 2018, photo shows a sign declaring the future home of Braidy Industries’ aluminum mill in Ashland, Ky. More than 130 students have begun a two-year degree program in eastern Kentucky hoping it will lead to a job at the planned aluminum mill. The students at Ashland Community and Technical College are enrolled in a program designed in part by Braidy Industries and its CEO Craig Brouchard. Kentucky taxpayers are partial owners of the project. (AP Photo/Adam Beam)

By: Web Staff

Posted at 1:23 PM, Jan 10, 2020

and last updated 2020-01-10 13:46:59-05

FRANKFORT, Ky. (LEX 18) — Gov. Andy Beshear released documents Friday related to the state's investment in Braidy Industries.

The documents included a letter of intent regarding Kentucky's $15 million investment, stock purchase agreement, voting agreement and investors' rights

The information was a source of controversy in Governor Bevin's administration after he refused to release them to the Courier-Journal. The case was ruled on by Beshear when he was attorney general.

The paper began investigating after Russian aluminum company United Co. Rusal invested $200 million for 40% stake in a company Braidy was working to build in Eastern Ky.

"In releasing these documents, we are showing Kentuckians that we are committed to transparency and open government,” said Gov. Andy Beshear.

The letter of intent includes the formalization of the initial mutual understanding between the Commonwealth and Braidy Industries regarding the Commonwealth’s $15 million investment. The stock purchase agreement details the initial investors in Braidy Industries following the letter of intent.

You can view the stock purchase agreement here.

Voting records and investors' rights are also available.

Addresses and personal information involving parties were redacted.

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