Battle Motors, dba Crane Carrier Company (CCC) announced it has completed a $120 million raise lead by a global institutional investor, according to the company's press release.
Battle Motors acquired Crane Carrier Company, a manufacturer of diesel and CNG refuse and heavy-duty trucks, in early 2021. The company serves over 750 municipal customers through 180 dealers in over 320 locations across the U.S. and Canada. Battle has since added fully electric trucks to the portfolio.
"When we acquired CCC earlier this year, it was not our intent to simply take part in the electrification of the refuse truck market, our intent was, and is, to offer a superior product and dominate the market," said Michael Patterson, CEO of Battle Motors. "This capital raise enables us to execute our EV strategy, significantly ramp up our production capacity, offer better prices to our customers and dramatically increase our market share."
In addition, Battle Motors is including a "Smart Cab," with enhanced Advanced driver-assistance systems (ADAS) and tablets to provide additive services and safety features for our customers.
Proceeds from the raise will be used for the Q1 completion of the manufacturing facility in Ohio growing production space, working capital, and adding workforce and machines to increase production.