Motiv Power Systems Secures $15 Million in Funding from GMAG Holdings Corp.
Additional funding will provide the capital needed to accelerate customer expansion
FOSTER CITY, Calif., Aug. 24, 2020 /PRNewswire/ -- Motiv Power Systems, a sustainable technology company delivering all-electric chassis with a proven software platform for the electrification of medium-duty trucks and buses, today announced that it has secured $15 million of additional funding from GMAG Holdings Corp. 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.
"Despite the challenges created by the current pandemic, Motiv's progress continues at an impressive upward trajectory," said Matt Gallaher, CFO at GMAG Holdings Corp. "We see great potential in the company's future as the leading player in the commercial EV space."
This new funding comes as the commercial electric vehicle (EV) 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 percent of trucks sold in California must be zero-emissions by 2035, and 100 percent by 2045.
"This funding demonstrates the sustained commitment of GMAG Holdings, Motiv's largest investor, to support our growth," said Matt O'Leary, Motiv Chairman and CEO. "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 from happy customers."
In April, Motiv celebrated 1 million electric miles logged among several of the largest fleets in North America, equating to 900 plus metric tons of greenhouse gas (GHG) eliminated, which is the equivalent to 213 passenger vehicles driven for one year.
"Time and again, our customers give Motiv high marks on their vehicle performance across a range of diverse medium-duty vehicles, from trucks and buses, to specialty vehicles and shuttles," continued O'Leary. "We leverage this feedback into higher-performing and even more-reliable and lower-cost products with every generation."
As a leader in the commercial EV space, Motiv believes that it is well positioned for growth with its proprietary AdaptEV software platform, patented power electronics, and industry-leading truck and bus body partners.
About Motiv Power Systems
Founded in 2009 and headquartered in the San Francisco Bay Area, Motiv Power Systems is a leading provider of proven technology to electrify medium-duty trucks and buses. Its commitment to freeing fleets from fossil fuels provides fleets a seamless pathway to electrification. Motiv's proven EV technology is Ford eQVM-approved, CARB-certified, uses proven BMW batteries and is available for many configurations including step vans, box trucks, work trucks, shuttle buses, school buses, trolleys, and other specialty vehicles. Motiv has over 100 vehicles on the road, operating at over 99 percent uptime, and more than one million miles logged among several of the largest fleets in North America. Motiv's adaptable technology solutions offer fleets up to 85 percent operation and maintenance cost savings and provides operators with a healthier, smoother, and quieter driving experience without polluting the communities they serve. For more information and career opportunities, please visit www.motivps.com.
Media Contact for Motiv:
Joanna Hamblin
Sr. Marketing Manager
Motiv Power Systems
[email protected]
650-204-9099
Technica Communications
Sarah Malpeli
(408) 806-9626 ext. 6840
[email protected]
SOURCE Motiv Power Systems
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