Commercial EV-builder Motiv Power Systems has secured $20 million in financing from investment firm Crescent Cove Advisors, and expects to raise additional funding at the close of the Series C funding round now in progress. Motiv plans to use the new capital to scale operational and manufacturing capabilities to meet growing demand.
Motiv’s EPIC product line is aimed at medium-duty fleets, and is available for multiple configurations, including step vans, box trucks, work trucks, shuttle buses, school buses, trolleys and specialty vehicles. Motiv’s EVs use BMW battery packs, and are built on Ford eQVM-approved platforms, such as the F-59, E-450 and F-53. The final stage of the vehicle build is performed by established bus and truck partners, using bodies that are already familiar to fleet customers.
Jun Hong Heng, Chief Investment Officer at Crescent Cove, commented, “Motiv’s success with medium-duty electrification has made them a trusted partner for many of the biggest fleet names in North America.”
“Motiv is entering an exciting stage of growth and development in our mission to free fleets from fossil fuels,” said Matt O’Leary, Motiv’s Chairman and CEO.
Source: Motiv Power Systems