To aid in company-wide expansion, Motiv Power Systems secured $20 million in financing from Crescent Cove Advisors, LP. The initial transaction closed in December of 2020, with additional funding expected at the close of Motiv’s Series C round, which Motiv is in the process of raising.
In 2020, Motiv had record customer orders and secured $15 million in funding from GMAG Holdings Corp. This new funding traunch will help Motiv scale operational and manufacturing capabilities to meet demand and continue to provide high-touch customer support.
Jun Hong Heng, Founder and Chief Investment Officer at Crescent Cove, commented, “Motiv’s success with medium-duty electrification has made them a trusted partner for many of the biggest fleet names in North America. We are excited to fund the next stage of their growth, which will have a lasting impact on the industry and the air we breathe.”
Motiv’s EPIC product line is available for multiple configurations, including step vans, box trucks, work trucks, shuttle buses, school buses, trolleys, and specialty vehicles. Built on Ford eQVM-approved platforms, such as the F-59, E-450, and F-53, the company provides reliable, high performing EV technology for medium-duty fleets, building confidence and trust with repeat customers. In addition, the final stage of the vehicle build is performed by industry-leading bus and truck partners, with the same bodies that fleets come to rely on, providing an easy transition to electric.
“As we move into a new year, Motiv is also entering an exciting stage of growth and development in our mission to free fleets from fossil fuels,” said Matt O’Leary, Motiv’s Chairman and CEO. “We are honored with Crescent Cove’s confidence and investment in our company as we transform fleet electrification and are thrilled to be part of such an esteemed portfolio of companies.”