More Funding For Motiv Power
By Mike Osenga16 October 2019
Motiv Power Systems, Foster City, Calif., a provider of all-electric medium-duty chassis for buses and trucks, said it has secured $60 million in equity funding. The Series B round of investment was led by investors GMAG Holdings Corp. and Winnebago. The funds will support the overall growth of Motiv, including opening a new engineering and manufacturing facility in Detroit, as well as facilitating further growth in the large-fleet customer segment, the company said.
With this tranche of funding, Motiv said it 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.
“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,” said Matt Gallaher, chief financial officer of GMAG Holdings Corp.
“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. ”
The EPIC chassis family features Motiv’s proprietary operating software and power electronics on a 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 assessment criteria verifying the company meets manufacturing, assembly, workmanship, customer service, and quality requirements. Additionally, the Motiv said its solution enables a modular approach that safely and reliably controls various battery and hardware technologies. Motiv has Ford eQVM approval, CARB certification, and BMW battery partnership.