California-based Motiv Power Systems has raised $7.3 million in growth capital from investors led by Colorado’s Magness Investment Group. The funding comes as the second Motiv-equipped all-electric school bus is delivered to Kings Canyon Unified School District.
Motiv’s electric Powertrain Control System (ePCS) is designed to electrify any truck or bus chassis with a variety of commercially-available battery packs and motors. The Motiv ePCS, battery packs and motor are installed to replace the engine and transmission of a new incomplete chassis such as the Ford E450 in a ship-through modification. This process, common in the truck industry, means minimal changes between the fossil fuel and electric versions of the final vehicle. Existing truck and bus builders who already use these incomplete chassis can build and sell electric versions of their existing models.
“Motiv has cracked the code on electric trucks,” said Gary Magness, Manager of the Magness Investment Group. “We are impressed with how Motiv’s approach leverages the existing truck and bus builder ecosystem to achieve scalability. I’m pleased to be a part of this revolution in trucking that brings environmental sustainability and significant fuel savings to an industry that’s the backbone of our economy.”
“It’s an honor to have the support of an investor like Mr. Magness,” said Motiv CEO Jim Castelaz. “Not only does he see the potential in the market we are addressing, he understands our approach and believes in our vision of breaking the complete dependence trucks and buses currently have on fossil fuel.”
Source: Motiv Power Systems