Tesla is looking to fuel up again.
The electric vehicle company announced Thursday that it intends to sell $500 million of additional stock to investors in order to help fund its investments in projects like the more affordable Model 3 car and the Tesla Gigafactory for battery production.
The stock sale comes just days after Tesla revealed it had burned through more than $350 million in cash in the June quarter, bringing its total amount of cash and cash equivalents down to $1.15 billion. On a conference call with analysts earlier this month, Tesla CEO Elon Musk remained coy about the need for the company to raise more money.
"I don't think that there's not a need to raise equity capital," Musk, a master of the double negative, said on the call.
To sweeten the pot with the additional stock offering, Tesla revealed that Musk, a billionaire many times over from his stake in Tesla, SpaceX and SolarCity, will personally purchase $20 million of the stock.
Investors cheered the planned stock sale, sending shares of Tesla up more than 2% in early trading Thursday.
[img src="http://media.ycharts.com/charts/4f675883301e54e54c5981a5202d2e43.png" caption="" credit="" alt="TSLA Chart"]TSLA data by YCharts
This isn't the first time that Tesla, not expected to be profitable until 2020, has extended a hand to reach for more funds to fuel its technology investments. It raised roughly $1 billion in debt and equity in 2013, tapped more than $2 billion in convertible debt in 2014 and borrowed $750 million in credits earlier this year.
Nor will this likely be the last time Tesla looks to raise more money. In February, Musk informed investors that Tesla will "spend staggering amounts of money."