- Motiv Power Systems, a leading provider of all-electric medium-duty chassis for buses and trucks, announced it raised $60 million in funding
Motiv Power Systems — a leading provider of all-electric medium-duty chassis for buses and trucks — announced it raised $60 million in equity funding. The Series B round of funding was led by GMAG Holdings and Winnebago.
This round of funding will be used for supporting the overall growth of Motiv, including opening a new engineering and manufacturing facility in Detroit, Michigan along with facilitating further growth in the large-fleet customer segment.
“As we have started deploying our products to some of the largest fleet customers in the U.S., we have been looking to expand our workforce and facilities to better support the growing demand we are seeing in the market,” said Matt O’Leary, CEO of Motiv Power Systems. “With their generous investments, GMAG Holdings and Winnebago are setting Motiv up for success and leadership as the market for commercial EVs approaches an inflection point.”
Vehicles powered by Motiv’s EPIC chassis have accumulated over 750,000 real-world miles driven by customers like Aramark, Bimbo Bakeries USA, USPS, the City of Mountain View, over a dozen school districts, etc.
“Over the last ten years, Motiv has proven its technology and business model,” added Matthew Gallaher, CFO of GMAG Holdings Corp. “The commercial transportation industry is on the cusp of significant growth in electrification. 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.”
With this round of funding, Motiv will continue its efforts to bring commercial electric vehicles into cost parity with traditional vehicles without the need for incentives. By establishing an engineering and manufacturing center in Detroit, it will strengthen Motiv’s Midwest presence and bring the company closer to customers and partners in the region along with enabling manufacturing growth through its partners.
“We are excited to see the first Motiv-equipped vehicle on a Winnebago commercial shell being used by a major hospital system on the West Coast,” explained Ashis Bhattacharya, Vice President of Business Development, Specialty Vehicles, and Advanced Technology at Winnebago Industries. “Our customers are hungry for all-electric mobile solutions developed on our commercial shells, especially in California. We look forward to continuing our collaboration with Motiv and growing the electric commercial segment worldwide.”
The EPIC chassis family includes Motiv’s proprietary operating software and power electronics on popular Ford chassis like the E-450 and F59. And as a Ford partner and Qualified Vehicle Modifier (eQVM) for electric vehicles, Motiv met Ford’s stringent assessment criteria
