Motiv Power Systems obtained $20 million in financing from Crescent Cove Advisors, LP, to support company-wide extension.
FREMONT, CA: Motiv Power Systems secures $20 million in financing from Crescent Cove Advisors, LP, to support company-wide extension. The initial deal closed in December 2020, with additional funding anticipated at the close of the Motiv’s Series C round, which Motiv is in the process of raising. Motiv had record client orders in 2020 and raised $15 million from GMAG Holdings Corp. through funding. The new funding mechanism will help Motiv scale organizational and manufacturing capacities to meet demand and offer high-touch customer service.
Jun Hong Heng, Founder and Chief Investment Officer at Crescent Cove, commented, “Motivs 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.”
The Motivs EPIC product line is open for several configurations, like step vans, box trucks, work trucks, shuttle buses, school buses, trolleys, and specialty vehicles Designed on Ford eQVM-approved platforms like the F-59, E-450, and F-53, the organization offers medium-duty fleets with secure, high-performing EV technology. It can develop confidence and trust with regular customers. In addition, industry-leading bus and truck partners conducted the final phase of vehicle building, with the same bodies on which fleets continue to depend, offering a simple transition to electricity.
“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 OLeary, Motiv’s Chairman, and CEO. “We are honored with Crescent Coves confidence and investment in our company as we transform fleet electrification and are thrilled to be part of such an esteemed portfolio of companies.”
Motiv Power Systems was founded in 2009 and is headquartered in the San Francisco Bay Area. It is a sustainable technology company that offers proven electric truck and bus components and relevant charging infrastructure. Its contribution to freeing fleets from fossil fuels gives fleets a seamless direction to electrification.