Motiv Power Systems announced that it has secured $20 million in financing from Crescent Cove Advisors, LP. In 2020, Motiv had record customer orders and secured $15 million in funding from GMAG Holdings Corp. This funding will help Motiv scale operational and manufacturing capabilities to meet demand and continue to provide high-touch customer support.
Jun Hong Heng, founder and chief investment officer at Crescent Cove, says that the company is excited to fund the next stage of Motiv’s growth. He believes Motiv will make “a lasting impact on the industry and the air we breathe.”
Motiv’s EPIC lineup is available for step vans, box trucks, and work trucks, as well as passenger buses and more. Built on Ford eQVM-approved platforms (the F-59, E-450, and F-53), Motiv provides EV technology for medium-duty fleets. Additionally, industry-leading truck partners perform the final stage of the vehicle build. These professionals use the same bodies that fleets come to rely on, providing an easy transition to electric.
“As we move into a new year, Motiv is also entering an exciting stage of growth and development in our mission to free fleets from fossil fuels,” says Matt O’Leary, Motiv’s chairman and CEO. “We are honored with Crescent Cove’s confidence and investment in our company as we transform fleet electrification and are thrilled to be part of such an esteemed portfolio of companies.”
Find out more, visit www.motivps.com.