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Motiv is one of the market leaders for all-electric medium-duty chassis provider for busses and trucks. Vehicles powered by the company's EPIC chassis have accumulated over 750,000 real-world miles driven by various customers like Aramark, Bimbo Bakeries USA, USPS, the City of Mountain View in the heart of Silicon Valley, over a dozen school districts, and more.
FREMONT, CA: Chassis building startup Motiv Power Systems raised USD 60 million in a Series B funding round led by GMAG Holdings Corp and Winnebago. The new funding will support the overall growth of Motiv Power Systems, including the opening of the new engineering and manufacturing facility in Detroit, Michigan, and will also facilitate further growth in the large fleet customer segment.
Motiv is one of the market leaders for all-electric medium-duty chassis provider for busses and trucks. Vehicles powered by the company's EPIC chassis have accumulated over 750,000 real-world miles driven by various customers like Aramark, Bimbo Bakeries USA, USPS, the City of Mountain View in the heart of Silicon Valley, over a dozen school districts, and more.
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"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 E.V. market."
Founded in 2009, Motiv Power Systems is headquartered in San Francisco Bay Area and 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. "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 E.V.s approaches an inflection point."
The funding round will continue to fuel Motiv's efforts to bring commercial electric vehicles into cost parity with fossil-fueled vehicles without the need for incentives. Once the manufacturing center is established in Detroit, the company's presence will be strengthened in the Midwest, bringing Motiv closer to the customers and partners in the region, and at the same time, enabling manufacturing growth through its partners. Motive will also continue to focus on market development, technology innovation, and product differentiation to increase the adoption of electric vehicles across the transportation industry.
"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 commercial electric segment worldwide, added he".
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