Motiv Power Systems, a US-based developer of all-electric chassis, has raised $60m in a series B round co-led by recreational vehicle manufacturer Winnebago Industries and diversified holding group CMAG Holdings.
Founded in 2009, Motiv has developed software and hardware that electrifies medium-duty commercial vehicles such as step vans, trucks and school buses. Its electric-powered intelligence chassis have collectively accumulated more than 750,000 miles in travel.
The financing will sustain Motiv’s continued growth, including in the large-fleet segment, and will support the opening of an engineering and manufacturing facility in the state of Michigan.
Ashis Bhattacharya, vice-president of business development, specialty vehicles and advanced technology for Winnebago, said: “We are excited to see the first Motiv-equipped vehicle on a Winnebago commercial shell being used by a major hospital system on the West Coast.
“Our customers are hungry for all-electric mobile solutions developed on our commercial shells, especially in California. We look forward to continuing our collaboration with Motiv and growing the electric commercial segment worldwide.”
Motiv secured $7.3m in a round led by holding company Magness Investment Group in 2014, having previously received $250,000 in funding in 2010, according to a securities filing.
