Motiv Power Systems has announced that it has secured $20 million in financing from Crescent Cove Advisors, LP to aid in a company-wide expansion.
The initial transaction closed in December, 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, the company says.
“Motiv’s success with medium-duty electrification has made them a trusted partner for many of the biggest fleet names in North America,” said Jun Hong Heng, Founder and Chief Investment Officer at Crescent Cove. “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 says its 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 EV technology for medium-duty fleets. In addition, the final stage of the vehicle build is performed by bus and truck partners.