SEA Electric, a maker of electric power-system technology for urban delivery and distribution fleets, recently secured $42 million in initial private placement equity financing.
President Tony Fairweather said the financing will allow SEA Electric to accelerate its global sales efforts and further use its proprietary Sea-Drive 120b battery power system, while strengthening the delivery and distribution transportation segment for vehicles that operate in urban and metropolitan areas.
SEA currently partners with commercial vehicle OEMs, dealers, operators and upfitters to offer a new range of zero-emission trucks. The company says it’s on schedule to deliver more than 1,000 commercial EVs this year, and expects to have more than 15,000 on the road by the end of 2023.
Fairweather said the collaboration with Exro will focus on using electric truck batteries for energy storage applications. Exro and SEA Electric will co-develop Exro’s Battery Control System (BCS).
Source: Green Car Congress