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This new funding comes as the commercial electric vehicle (EV) market is becoming popular as fleet owners look to meet new regulations, reduce costs, and answer social pressures for cleaner transportation options.
FREMONT, CA: Motiv Power Systems, a Foster City, Calif-based sustainable technology company delivering all-electric chassis with a proven software platform for the electrification of medium-duty trucks and buses, secured $15 million of additional funding from GMAG Holdings Corp. The funding would 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. Motiv intends to utilize the funding 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," stated 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 becoming popular as fleet owners look to meet new regulations, reduce costs, and answer social pressures for cleaner transportation options.
"This funding demonstrates the sustained commitment of GMAG Holdings, Motiv's largest investor, to support our growth," stated 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 proclaimed 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. 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, as well as industry-leading truck and bus body partners.
