Colorado-based Lightning Systems, a global developer of zero-emission drivetrains, has raised $41 million in equity, debt, and working capital funding from existing and new investors.
The round was led by BP Ventures, with participation from other existing investors and new investor, Cupola Infrastructure Income Fund, a private equity fund focused on sustainability and infrastructure opportunities.
The proceeds from the new funding will be used to ramp up production to fulfill new orders for electric powertrains for Ford Transits, Ford E-450s, Ford F-59 step vans, Chevrolet Low Cab Forward 6500XD trucks, and Lightning Electric city buses.
“We are now delivering powertrains for over $25 million in orders from major fleets, propelling Lightning Systems to the position of the established premium provider of a full range of platforms for commercial vehicle fleets,” said Tim Reeser, CEO, Lightning Systems. “Lightning is in series production of high-quality powertrains for new and repowered commercial vehicles across Class 3-7 on five major platforms that are on the road with customers today.”