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Motiv Power Systems, a company delivering medium-duty electric truck and bus chassis and related charging infrastructure, secured $20 million in financing from Crescent Cove Advisors, LP. The initial transaction closed in December of 2020, with additional funding expected at the close of Motiv’s Series C round, which Motiv is in. ....
Motiv Power Systems announced that it has secured $20 million in financing from Crescent Cove Advisors, LP. The initial transaction closed in December of 2020, 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. Crescent Cove Advisors, LP. Logo Jun Hong Heng, Founder and Chief Investment Officer at Crescent Cove, commented, Motiv s 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. ....
Share: Motiv Power Systems has secured $20 million from Crescent Cove Advisors, as the electric vehicle chassis maker builds on the success of its fifth-generation electrification technology to scale operations and manufacturing. We have record orders on the books and now have to ramp up production to fill those orders, CEO Matt O Leary told FreightWaves. This is going to be a breakout year for us. Founded in 2009, Motiv builds all-electric chassis for trucks and buses. 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 platforms, such as the F-59, E-450 and F-53, the company provides EV technology for medium-duty fleets, with the final stage of the vehicle build performed by bus and truck OEMs. ....
Proterra, builder of electric buses, heavy-duty vehicle drivetrains, batteries and charging systems, plans to go public on the Nasdaq exchange via a merger with a special-purpose acquisition company (SPAC), the latest in a string of EV companies seeking access to public market financing to meet growing demand. Tuesday’s announcement sets the Burlingame, Calif.-based company on a course to merge with ArcLight Clean Transition Corp., with $415 million in private investment in public equity commitments led by Daimler Trucks, as well as Franklin Templeton, Chamath Palihapitiya, Fidelity Management & Research, and funds and accounts managed by private equity firm BlackRock. The transaction is expected to raise $825 million in cash and set an enterprise value of $1.6 billion for Proterra, which will trade under the ticker symbol PTRA. The company has raised about $682 million from investors including Kleiner Perkins, Daimler, Generation Investment Management, Tao Ca ....