Provider of all-electric medium-duty chassis for buses and trucks, Motiv Power Systems announced it has secured $60 Million in equity funding. The Series B round of investment was led by investors GMAG Holdings Corp. and Winnebago. These funds will support the overall growth of Motiv, including opening a new engineering and manufacturing facility in Detroit as well as facilitate further growth in the large-fleet customer segment.
Collectively, vehicles powered by Motiv's EPIC chassis have accumulated more than 750,000 real-world miles driven by customers such as Aramark, Bimbo Bakeries USA, USPS, the City of Mountain View in the heart of Silicon Valley, over a dozen school districts, and more.
"Over the last ten years, Motiv has proven its technology and business model," stated Matt Gallaher, Chief Financial Officer of GMAG Holdings Corp. "The commercial transportation industry is on the cusp of significant growth in electrification. We strongly believe in Motiv's technology as well as the management team driving its growth. We are excited to further support them as the company scales to meet the demand of the growing commercial EV market."
"We are excited to see the first Motiv-equipped vehicle on a Winnebago commercial shell being used by a major hospital system on the West Coast," said Ashis Bhattacharya, Vice President of Business Development, Specialty Vehicles, and Advanced Technology at Winnebago Industries. "Our customers are hungry for all-electric mobile solutions developed on our commercial shells, especially in California. We look forward to continuing our collaboration with Motiv and growing the electric commercial segment worldwide."
With this tranche of funding, Motiv will continue its efforts to bring commercial electric vehicles into cost parity with fossil-fueled vehicles without the need for incentives. Establishing an engineering and manufacturing center in Detroit will strengthen its Midwest presence, bring Motiv closer to customers and partners in the region, and enable manufacturing growth through its partners. Motiv will also continue its focus on market development, technology innovation, and product differentiation to increase electric vehicle adoption throughout the transportation industry.
The EPIC chassis family features Motiv's proprietary operating software and power electronics on popular Ford chassis, most notably the E-450 and F59. As a Ford partner and Qualified Vehicle Modifier (eQVM) for electric vehicles, Motiv has met Ford's stringent assessment criteria verifying the company meets manufacturing, assembly, workmanship, customer service, and quality requirements.
Originally posted on Work Truck Online