Orange EV has closed a $35-million institutional funding round led by S2G Ventures and CCI, an affiliate of Henry Crown and Company, to support and accelerate the company’s growth.
The investment will allow Orange EV to scale its manufacturing to meet tremendous demand increases, deliver class-leading vehicles to new markets, and develop new technologies that will increase the company’s lead in the Class 8 commercial vehicle segment.
Founded in 2012 in Riverside, Missouri, Orange EV in 2015 was the country’s first manufacturer to deploy 100% electric Class 8 vehicles commercially. The company’s focus has been on Class 8 yard trucks, which are used to move trailers and containers in distribution centers, manufacturing plants, warehouses, rail intermodals, ports, and other facilities where goods movement is mission critical.
Now into its second decade as an EV innovator, Orange EV continues to lead the industry with more than 450 heavy-duty electric yard trucks operating in 130 fleets across 28 states, Canada, and the Caribbean.
Orange EV trucks save companies money, are safer, 10x more reliable, and higher-rated by drivers and managers versus their diesel predecessors. As the cost of fuel continues to rise and as more businesses around the world set ambitious goals for eliminating fossil fuels, there is an increased demand to accelerate the transition to electric vehicles at scale. Orange EV yard trucks are proven to be the truck of choice to make immediate and permanent emissions reductions, preventing more than 1,700 tons of carbon dioxide emissions per truck over a 15-year lifespan.
Yard trucks are one of the best, if not the best, electric vehicles for fleets to implement today, according to the North American Council for Freight Efficiency (NACFE), as published in their March 2022 report.
Cumulatively, Orange EV trucks have surpassed 5.8 million miles and 1.7 million duty hours.