Motiv Power Systems, a provider of all-electric medium-duty chassis for buses and trucks, has secured $60 million in equity funding. The Series B round of investment was led by investors GMAG Holdings Corp. and Winnebago.
These funds will support the overall growth of Motiv, including opening a new engineering and manufacturing facility in Detroit, Michigan, as well as facilitate further growth in the large-fleet customer segment.
Collectively, vehicles powered by Motiv’s EPIC chassis have accumulated more than 750,000 real-world miles driven by customers such as Aramark, Bimbo Bakeries USA, USPS, the City of Mountain View in the heart of Silicon Valley, more than a dozen school districts, and more.
With this tranche of funding, Motiv will continue its efforts to bring commercial electric vehicles into cost parity with fossil-fueled vehicles without the need for incentives. Establishing an engineering and manufacturing center in Detroit will strengthen its Midwest presence, bring Motiv closer to customers and partners in the region, and enable manufacturing growth through its partners.
Further, Motiv will continue its focus on market development, technology innovation, and product differentiation in order to increase electric vehicle adoption throughout the transportation industry.
The EPIC chassis family features Motiv’s proprietary operating software and power electronics on popular Ford chassis, most notably the E-450 and F59. As a Ford partner and Qualified Vehicle Modifier (eQVM) for electric vehicles, Motiv has met Ford’s stringent assessment criteria verifying the company meets manufacturing, assembly, workmanship, customer service, and quality requirements.
Additionally, the Motiv solution enables a modular approach that safely and reliably controls various battery and hardware technologies. With its Ford eQVM approval, CARB certification, and BMW battery partnership, Motiv has become a recognized provider of all-electric chassis for commercial trucks and buses.