BP Ventures, the strategic investment arm of oil and gas producer BP, led a $41m financing round for US-based electric automotive drivetrain provider Lightning Systems on Wednesday.
The full amount consists of equity funding, debt financing and a working capital line, and the round included private equity fund Cupola Infrastructure Income Fund and unnamed existing investors.
Lightning Systems manufactures electric powertrains for use by fleets of commercial vehicles such as transit vans, work trucks and buses. CEO Tim Reeser said this week it has $25m worth of orders, predominantly for Ford vans, Chevrolet trucks and municipal buses.
In addition to the drivetrains themselves, Lightning also provides charging infrastructure, telematics and analytics for customers.
David Hayes, BP Ventures’ chief investment officer, said: “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.”
The company had previously raised approximately $12.7m in funding from undisclosed investors between 2012 and May 2018, according to regulatory filings.
