Motiv Power Systems, a provider of all-electric medium-duty chassis for buses and trucks, has secured $60 million in equity funding. The Series B round of investment was led by investors GMAG Holdings and Winnebago. These funds will support the overall growth of Motiv, including opening a new engineering and manufacturing facility in Detroit, Mich., as well as facilitate further growth in the large-fleet customer segment.
Vehicles powered by Motiv’s EPIC chassis have accumulated more than 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, more than a dozen school districts, and more.
“Over the last ten years, Motiv has proven its technology and business model,” said Matt Gallaher, CFO of GMAG Holdings. “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, VP of business development, specialty vehicles, and advanced technology at Winnebago. “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.”
Motiv will continue its efforts to bring commercial electric vehicles into cost parity with fossil-fueled vehicles without the need for incentives, according to the company. 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.
“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.”
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.