Seismic Capital Company recently announced a deal to invest $15 million in electric vehicle technology company Evolectric of Long Beach, California. Evolectric is a company that specializes in electrified transportation and battery technologies to convert fuel-guzzling and polluting commercial fleets to EVs.
The companies have executed a letter of intent and now will work through final agreements and due diligence ahead of a closing expected to take place in the fourth quarter of 2023. And through its investment, Seismic will aid Evolectric in scaling and accelerating deliveries of its growing pipeline of customer orders.
Even though Evolectric has not yet formally joined the Seismic team, Seismic already is providing limited support. Along with capital, Seismic will provide Evolectric with the Seismic Solution, comprising administrative services, including human resources, benefits, accounting, and legal support, enabling Evolectric to focus on its technology, accelerate its conversion process, and expand production to benefit fleet owners. Launched in 2019, Evolectric would become the second company in Seismic’s portfolio, which is open to all investors.
Eric White – President and Chief Investment Officer at Seismic Capital Company – was previously a transportation lobbyist, and subsequently was a senior advisor for transportation policy on the Clinton transition team prior to serving as Vice Chair of the Transportation and Telecommunications Committee for the Democratic National Committee.
The global electric commercial vehicle market is projected to reach $558 billion by 2031, according to Allied Marketing Research. And Evolectric’s distributed network of installers and service centers is targeting 10,000 vehicle conversions a year by onboarding 100 garages, each converting 100 vehicles. Evolectric is leading clean tech innovation across the U.S. and emerging markets to speed up global EV adoption rates.
KEY QUOTES:
“We are extremely impressed with Evolectric’s nimbleness in assembling its advanced technology and production team to build its circular EV business. The combination of Seismic’s investment banking and transportation experience will help Evolectric enter the next stage of its growth and navigate the complex regulatory environment to meet emissions standards.”
– Eric White, President and Chief Investment Officer at Seismic Capital Company
“Partnering with Seismic will allow us to expand our lead in CircularEV solutions with our low-CAPEX, decentralized, train-the-trainer approach to electrifying trucking fleets. Our customers will benefit from greater efficiencies, lower operating costs, and the latest smart EV technology.”
– Jakson Alvarez, Evolectric Co-Founder, Co-CEO, and CFO
“By focusing on existing vehicles, Evolectric avoids the supply chain, development, and validation bottlenecks. Scaling our electrification solutions ensures our customers can quickly meet their long-term zero-emission targets. Software enhancements, such as vehicle-to-grid technology, will benefit our customers beyond the vehicle conversion.”
– Bill Beverley, Evolectric Co-Founder, Co-CEO, and CTO
