FOSTER CITY, CA, To aid in company-wide expansion, Motiv Power Systems announced that it has secured $20 million in financing from Crescent Cove Advisors, LP.
The initial transaction closed in December of 2020, with additional funding expected at the close of Motiv's Series C round, which Motiv is in the process of raising. In 2020, Motiv had record customer orders and secured $15 million in funding from GMAG Holdings Corp. This new funding traunch will help Motiv scale operational and manufacturing capabilities to meet demand and continue to provide high-touch customer support.
Founded in 2009 and headquartered in the San Francisco Bay Area, Motiv Power Systems is a sustainable technology company delivering proven electric truck and bus chassis and related charging infrastructure. Its commitment to freeing fleets from fossil fuels provides fleets a seamless pathway to electrification. Motiv's Ford eQVM-approved and CARB-certified EV technology operates at over 98 percent uptime today and uses high-performance BMW batteries for many configurations, including step vans, box trucks, work trucks, shuttle buses, school buses, trolleys, and more. Motiv has delivered 120 that have traveled more than one million miles across North America. The company's solutions not only offer fleets up to 85 percent operation and maintenance cost savings, but also provide operators with a healthier and more comfortable driving experience without polluting the communities they serve. For more information and career opportunities, please visit www.motivps.com.
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