The funding will be made by means of convertible notes that are expected to be converted into a Series C funding round, which Motiv is in the process of raising. With this new financing, Motiv aims to further scale its manufacturing operations, as well as fund technology and geographic expansion.
“This funding demonstrates the sustained commitment of GMAG Holdings, Motiv’s largest investor, to support our growth,” says Matt O’Leary, chairman and CEO of Motiv. “Our progress with down-costing, investment in a strong customer support team and a proven 5th generation technology have resulted in some 200 vehicle orders, more than half of which are repeat orders,” he adds.
This new funding comes as the commercial electric vehicle market is gaining momentum as fleet owners look to meet new regulations, reduce costs and answer social pressures for cleaner transportation options. As an example, the California Advanced Clean Truck rule, implemented by California’s Air Resources Board, mandates 50% of trucks sold in California must be zero-emissions by 2035, and 100% by 2045.
Photo: Motiv Power Systems’ landing page