Motiv Power Systems Secures $60M in Series B
FOSTER CITY, CA, Motiv Power Systems announced today it has secured $60 Million in equity funding led by investors GMAG Holdings Corp. and Winnebago.
The leading provider of all-electric medium-duty chassis for buses and trucks, Motiv Power Systems announced today it has secured $60 Million in equity funding. The Series B round of investment was led by investors GMAG Holdings Corp. and Winnebago. These funds will support the overall growth of Motiv, including opening a new engineering and manufacturing facility in Detroit, Michigan, as well as facilitate further growth in the large-fleet customer segment.
Collectively, vehicles powered by Motiv's EPIC chassis have accumulated over 750,000 real-world miles driven by customers such as Aramark, Bimbo Bakeries USA, USPS, the City of Mountain View in the heart of Silicon Valley, over a dozen school districts, and more.
"Over the last ten years, Motiv has proven its technology and business model," stated Matt Gallaher, Chief Financial Officer 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."
"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," said 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."
With this tranche of funding, Motiv will continue its efforts to bring commercial electric vehicles into cost parity with fossil-fueled vehicles without the need for incentives. Establishing an engineering and manufacturing center in Detroit will strengthen its Midwest presence, bring Motiv closer to customers and partners in the region, and enable manufacturing growth through its partners. Further, Motiv will continue its focus on market development, technology innovation, and product differentiation in order to increase electric vehicle adoption throughout the transportation industry.
"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," states 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."
The EPIC chassis family features Motiv's proprietary operating software and power electronics on popular Ford chassis, most notably the E-450 and F59. As a Ford partner and Qualified Vehicle Modifier (eQVM) for electric vehicles, Motiv has met Ford's stringent assessment criteria verifying the company meets manufacturing, assembly, workmanship, customer service, and quality requirements. Additionally, the Motiv solution enables a unique, modular approach that safely and reliably controls various battery and hardware technologies. With their Ford eQVM approval, CARB certification, and BMW battery partnership, Motiv has become a recognized leader in all-electric chassis for commercial trucks and buses.
About Motiv Power Systems
Founded in 2009, and headquartered in the San Francisco Bay Area, Motiv Power Systems, a leading provider of software and technology to electrify medium-duty commercial vehicles, is committed to freeing fleets from their dependence on fossil fuels. Motiv's EPIC (Electric Powered Intelligent Chassis) are CARB- certified, GSA-approved, and available for many configurations, including step vans, box trucks, work trucks, shuttle buses, school buses, trolleys, and other specialty vehicles. An EPIC offers uncompromised performance and functionality without the pollution, noise, heat, and vibration of gasoline or diesel power. Motiv is the only Ford eQVM-approved provider of all-electric chassis for commercial trucks and buses, and benefits from engineering insights and support from Ford to ensure safety and reliability. With more than 750,000 miles logged among several of the largest fleet operators in the United States, the EPIC family eliminates 100 percent of vehicle emissions, dramatically reduces operating and maintenance costs, and creates a healthier environment for riders and communities, while also reducing driver fatigue. For more information and career opportunities, please visit www.motivps.com and follow us on Twitter @motivps, Facebook and LinkedIn.
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