(Reuters) - Motiv Power Systems, which provides chassis and software systems for medium-duty trucks and buses, said on Monday it had secured $15 million in additional funding from GMAG Holdings Corp to fund technology and scaling up its manufacturing operations.
The latest funding follows a $60 million funding round last October led by GMAG, Motiv's main investor, and recreational vehicle maker Winnebago Industries Inc (N:WGO). Motiv has provided chassis for customers like Aramark (N:ARMK) and electrifies the E-450, a medium-duty truck made by Ford Motor Co (N:F).
Motiv's latest funding brings its total capital raised to $95 million.
Vehicle makers are scrambling to produce electric medium- and heavy-duty trucks with sufficient range for commercial customers seeking to switch away from traditional combustion engines.
While the electric passenger vehicle market has been dominated by Tesla Inc (O:TSLA), shipping and freight companies are still waiting for viable models to put into service.
The race to production for commercial electric vehicles was given fresh impetus in June when the California Air Resources Board (CARB) approved a groundbreaking policy to wean its trucking sector off diesel fuel by requiring manufacturers to sell a rising number of zero-emission vehicles, starting in 2024.
Major fleet operators have been looking to electrify for some time, but the CARB ruling "makes it easier for them to persuade their internal constituents that they have to move quickly," Motiv Chief Executive Matt O'Leary told Reuters.
Motiv uses batteries from BMW (DE:BMWG) for its chassis, but the heart of its product is a software operating system and the electronics to operate the electric vehicle.
Reprinted from investing.com, the copyright all reserved by the original author.
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