Motiv Power Systems, a company delivering all-electric chassis with a proven software platform for the electrification of medium-duty trucks and buses, announced it has secured $15 million of additional funding from GMAG Holdings Corp. The funding is possible by means of convertible notes expected to be converted into a Series C funding round. Motiv is in the process of raising Series C funding. With this new financing, Motiv aims to further scale its manufacturing operations as well as fund technology and geographic expansion.
“Motiv’s progress continues at an impressive upward trajectory,” says Matt Gallaher, CFO at GMAG Holdings Corp. “We see great potential in the company’s future as the leading player in the commercial EV space.”
GAINING MOMENTUM
This new funding comes as the commercial electric vehicle (EV) market gains momentum. This is a result of fleets looking to meet regulations, reduce costs, and answer social pressures for cleaner transportation options. For example, the California Advanced Clean Truck rule mandates 50% of trucks sold must be zero emission by 2035. It mandates that 100% must be zero emission by 2045.
Motiv’s chairman and CEO, Matt O’Leary says the funding of the company’s largest investor demonstrates its commitment for Motiv’s growth. “Our progress with down costing, investment in a strong customer support team, and a proven 5th generation technology have resulted in some 200 vehicle orders—more than half of which are repeat orders from happy customers,” O’Leary adds.
Additionally, in April, Motiv celebrated 1 million electric miles logged among fleets in North America. This equates to 900-plus metric tons of greenhouse gas eliminated—the equivalent to 213 passenger vehicles driven for one year.
“Time and again, our customers give Motiv high marks on their vehicle performance across a range of diverse medium-duty vehicles, from trucks and buses to specialty vehicles and shuttles,” O’Leary continues. “We leverage this feedback into higher-performing and even more-reliable and lower-cost products with every generation.”
Finally, as a leader in the commercial EV space, Motiv believes that it is well-positioned for growth with its proprietary AdaptEV software platform, patented power electronics, and industry-leading truck and bus body partners.
Find out more, visit www.motivps.com.
