Motiv Power Systems raises $15m in fresh funding | FI SENSE


Motiv, which provides chassis and software systems for medium-duty trucks and buses, disclosed it had secured $15 million in additional funding from GMAG Holdings Corp to fund technology and scaling up its manufacturing operations.

The latest funding follows a $60 million funding round last October led by GMAG, Motiv’s main investor, and recreational vehicle maker Winnebago Industries Inc. Motiv has provided chassis for customers like Aramark and electrifies the E-450, a medium-duty truck made by Ford Motor Co.

Motiv’s latest funding brings its total capital raised to $95 million.

Vehicle makers are scrambling to produce electric medium- and heavy-duty trucks with sufficient range for commercial customers seeking to switch away from traditional combustion engines.

Major fleet operators have been looking to electrify for some time, but the CARB ruling “makes it easier for them to persuade their internal constituents that they have to move quickly,” Motiv Chief Executive Matt O’Leary.

Motiv uses batteries from BMW for its chassis, but the heart of its product is a software operating system and the electronics to operate the electric vehicle.



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