Seismic backing Evolectric’s Push to Global Electric Vehicle (EV) Adoption
LOS ANGELES, Sept. 12, 2023 /PRNewswire/ — Seismic Capital Company (“Seismic”) today announced its intent to invest $15 million in Electric Vehicle (EV) technology company Evolectric of Long Beach, California. Evolectric specializes in electrified transportation and battery technologies to convert fuel-guzzling and polluting commercial fleets to EVs.
The companies have executed a letter of intent, and now will work through final agreements and due diligence ahead of a closing expected to take place in the fourth quarter of 2023. Through its investment, Seismic will aid Evolectric in scaling and accelerating deliveries of its growing pipeline of customer orders.
Although Evolectric has not yet formally joined the Seismic team, Seismic already is providing limited support. In addition to capital, Seismic will provide Evolectric with the Seismic Solution, comprising administrative services, including human resources, benefits, accounting, and legal support, enabling Evolectric to focus on its technology, accelerate its conversion process, and expand production to benefit fleet owners. Founded in 2019, Evolectric would become the second company in Seismic’s portfolio, which is open to all investors. (Click here to learn more about investing with Seismic.)
“We are extremely impressed with Evolectric’s nimbleness in assembling its advanced technology and production team to build its circular EV business,” said Eric White, President and Chief Investment Officer at Seismic Capital Company. “The combination of Seismic’s investment banking and transportation experience will help Evolectric enter the next stage of its growth and navigate the complex regulatory environment to meet emissions standards.”
Mr. White was previously a transportation lobbyist, and subsequently was a senior advisor for transportation policy on the Clinton transition team prior to serving as Vice Chair of the Transportation and Telecommunications Committee for the Democratic National Committee.
“Partnering with Seismic will allow us to expand our lead in CircularEV™ solutions with our low-CAPEX, decentralized, train-the-trainer approach to electrifying trucking fleets,” said Jakson Alvarez, Evolectric Co-Founder, Co-CEO, and CFO. “Our customers will benefit from greater efficiencies, lower operating costs, and the latest smart EV technology.”
THE OPPORTUNITY: The global electric truck market, according to Allied Marketing Research, is projected to reach nearly $4 billion by 2030. Evolectric’s distributed network of installers and service centers is targeting 10,000 vehicle conversions a year by onboarding 100 garages, each converting 100 vehicles. Evolectric is leading clean tech innovation across the U.S. and emerging markets to speed up global EV adoption rates.
“By focusing on existing vehicles, Evolectric avoids the supply chain, development, and validation bottlenecks. Scaling our electrification solutions ensures our customers can quickly meet their long-term zero-emission targets,” said Bill Beverley, Evolectric Co-Founder, Co-CEO, and CTO. “Software enhancements, such as vehicle-to-grid technology, will benefit our customers beyond the vehicle conversion.”
About Seismic Capital Company
Seismic Capital Company (“Seismic”) is changing the way venture capital is done to the benefit of founders, startups, and investors. It is committed to identifying, guiding, and nurturing companies seeking to meaningfully disrupt their industries.
Seismic seeks to support impactful companies across digital and emerging technologies, sustainability, education, and others, all of whom comply with the highest standards of integrity and accountability, protecting the environment and our communities.
Through a democratized capital structure, Seismic opens its doors to investors of all income levels, allowing everyone to own a stake in these disruptive companies of tomorrow at the ground-floor level. And it’s worth a reminder – when investing in Seismic, investors are investing in every company in our portfolio as we build it. For more information, please visit https://seismiccc.com/, and follow us on LinkedIn and X.
Media Contact:
Laura Simpson
JConnelly for Seismic Capital Company
973.713.8834
[email protected]
SOURCE Seismic Capital Company
