Orange EV has entered into a $100 million revolving credit facility led by Wells Fargo Bank to support the continued expansion of its electric terminal truck, fleet services, and charging infrastructure businesses.
The senior secured facility strengthens Orange EV’s balance sheet and provides additional liquidity for working capital, the expansion of its OptiGrid subsidiary, and growth of the company’s rental and leasing platform.
Orange EV manufactures 100% electric terminal trucks for ports, rail yards, distribution centers, and logistics facilities across North America. The company has also expanded into charging infrastructure through OptiGrid, which develops rapidly deployable battery-integrated fast charging systems for electric vehicles and equipment.
OptiGrid is intended to address one of the primary barriers to large-scale fleet electrification: limited utility capacity and the cost and time associated with infrastructure upgrades. Its battery-integrated charging technology can enable fleets to add charging capacity without waiting for major utility projects, potentially reducing deployment timelines from months or years to days or weeks.
Orange EV said it has tripled production and expanded its rental and leasing operations while ramping production of the Orange Juicer Battery-Integrated Charger.
The financing follows several recent commercial milestones, including a 40-truck order from APM Terminals in California, deployment of Orange EV’s 2,000th electric terminal truck, and a single order for 600 trucks.
Orange EV’s vehicles have accumulated more than 36 million miles and 14 million operating hours across 43 states, Canada, and the Caribbean.
KEY QUOTES:
“Wells Fargo is pleased to support Orange EV with a flexible capital solution that aligns with the company’s growth strategy across manufacturing, infrastructure solutions, and fleet services.”
Steve Linderman, Managing Director at Wells Fargo Capital Finance
“This expanded liquidity gives us the room to grow at the record-breaking pace we’ve been on this year as we’re on track for one out of every four new yard trucks purchased or leased to be an Orange EV yard truck. Specifically, it will help as we’ve tripled our production, expanded our rental and leasing business, and are ramping production of the Orange Juicer Battery-Integrated Charger to meet demand.”
Kurt Neutgens, CEO of Orange EV
