Electric truck startup brings in $60 million in investments

17 Oct, 2019 | posted in: News | 0
Electric truck startup brings in $60 million in investments

Motiv Power Systems, a company that reconfigures gas-run medium duty trucks to run on zero-emission batteries, has raised $60 million in capital after an unsuccessful startup ten years ago. Freight Waves reports that the money is coming from a Colorado-based private holding company, as well as Winnebago Industries Inc.

Motiv will use the money to repay years-old debts and to open an engineering plant in Detroit, Michigan.

“We have been continuing to build our sales order bank and bring in some of the larger fleets,” Motiv CEO Matt O’Leary told Freight Waves. “It will take some time to win over these large fleets, but we are starting to get those wins.”

A previous investor, GMAG Holding Corp., said it will support Motiv’s new attempts to revive its business operations. GMAG Holdings chief financial officer Matt Gallaher said:

“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.”

So far things are looking good. Trucks reports that Motiv is partnering with Ford to have its systems installed in the latter’s medium duty chassis and standard internal combustion chassis.

“I believe the inflection point is here,” O’Leary said, adding, “We have a new mix going forward, some still pilot programs but some long-term contracts and large first-time orders. We have a number of major fleet customer announcements coming.”

Motiv currently employs around 80 workers and expects to add another 40 or so over the next year.