Lightning Systems raises $41M for production ramp up of electric powertrains for commercial vehicles; round led by BP Ventures
Colorado-based Lightning Systems, a global developer of zero-emission drivetrains, has raised $41 million in equity, debt, and working capital line funding from existing and new investors. The round was led by BP Ventures, with participation from other existing investors and new investor, Cupola Infrastructure Income Fund, LLLP, a private equity fund focused on sustainability and infrastructure opportunities.
The proceeds from the new funding will be used to ramp up production to fulfill new orders for electric powertrains for Ford Transits, Ford E-450s, Ford F-59 step vans, Chevrolet Low Cab Forward 6500XD trucks and Lightning Electric city buses.
We are now delivering powertrains for over $25 million in orders from major fleets, propelling Lightning Systems to the position of the established premium provider of a full range of platforms for commercial vehicle fleets. Lightning is in series production of high-quality powertrains for new and repowered commercial vehicles across Class 3-7 on five major platforms that are on the road with customers today.—Tim Reeser, CEO, Lightning Systems
The global electric vehicle market is growing at an unprecedented rate, and we are seeing the electrification of more and more commercial fleets. We believe in Lightning’s ability to quickly scale its zero-emission powertrain business. Lightning already has a very wide base of vehicles that use its powertrains, which will be key as fleets look to scale their investments in zero-emission vehicles.—David Hayes, chief investment officer, BP Ventures
Lightning Systems designs and manufacturers all-electric powertrains for commercial fleets from Class 3 Ford Transit vans to Class 6 work trucks and Class 7 and 8 city buses. All Lightning products are available today. The Lightning team provides electric powertrains on popular OEM chassis, sized for the customer’s drive cycle, with a full suite of telematics, analytics, and charging solutions to maximize energy efficiency.