Motiv Power Systems, a Foster City, Calif.-based a sustainable technology company delivering all-electric chassis with a proven software platform for the electrification of medium-duty trucks and buses, secured $15 million of additional funding.
GMAG Holdings Corp. provided the funding, which will be made by means of convertible notes that are expected to be converted into a Series C funding round, which Motiv is in the process of raising.
With this new financing, Motiv aims to further scale its manufacturing operations, as well as fund technology and geographic expansion.
Founded in 2009 and led by Matt O’Leary, Chairman and CEO, Motiv is a provider of proven technology to electrify medium-duty trucks and buses. Its EV technology, Ford eQVM-approved, CARB-certified, uses proven BMW batteries and is available for many configurations including step vans, box trucks, work trucks, shuttle buses, school buses, trolleys, and other specialty vehicles. Motiv has over 100 vehicles on the road, operating at over 99 percent uptime, and more than one million miles logged among several of the largest fleets in North America.
FinSMEs
24/08/2020