Redirecting a EMD help with rankings?

Does anyone have any experience with redirecting a EMD to a money site to increase the money sites ranking?

for example....

Money Site's targeted keyword = Blue Widgets

EMD = bluewidgets.co

any thoughts? The EMD has no backlinks to carry over. I am hoping this may give the money site some EMD type strength when trying to rank for the keyword

It can help but, only if you push a lot of backlinks to the EMD.