Coates International announced today it entered a joint venture for a bond offering to raise $300 million, which will be used to establish new manufacturing facilities in New Jersey, according to a report in NJBIZ.

The company said the funding will be used to build new plants near the company's headquarters in Wall Township, as well as in Miami, Okla., the report said.

These facilities will manufacture industrial electric power natural gas generators, and tractor-trailer diesel engines.