Motiv Power Systems, 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 from GMAG Holdings Corp.
The funding 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 scale further its manufacturing operations, as well as fund technology and geographic expansion.
This new funding comes as the commercial electric vehicle (EV) market is gaining momentum as fleet owners look to meet new regulations, reduce costs, and answer social pressures for cleaner transportation options. As an example, the California Advanced Clean Truck rule, implemented by California’s Air Resources Board, mandates 50% of trucks sold in California must be zero-emissions by 2035, and 100% by 2045.
In April, Motiv logged 1 million electric miles among several of the largest fleets in North America, equating to 900 plus metric tons of greenhouse gas (GHG) eliminated—the equivalent to 213 passenger vehicles driven for one year.
Motiv believes that it is well positioned for growth with its proprietary AdaptEV software platform, patented power electronics, and truck and bus body partners.