Motiv Power Systems Raises $7.3 Million for Electric Truck Powertrain Production Magness Investment Group leads the financing to support Motiv's growing sales pipeline and expand production
FOSTER CITY, Calif., June 30, 2014 /PRNewswire/ -- The electric truck leader and top supplier of control systems to the growing electric truck market, Motiv Power Systems, raised $7.3 million in growth capital from investors led by Colorado's Magness Investment Group. The funding comes as the second Motiv-equipped all-electric school bus is delivered to Kings Canyon Unified School District.
"Motiv has cracked the code on electric trucks," said Gary Magness, Manager of the Magness Investment Group. "We are impressed with how Motiv's approach leverages the existing truck and bus builder ecosystem to achieve scalability. I'm pleased to be a part of this revolution in trucking that brings environmental sustainability and significant fuel savings to an industry that's the backbone of our economy."
The Motiv electric Powertrain Control System (ePCS) is unique in the industry as a single product suite that can electrify any truck or bus chassis with a variety of commercially-available battery packs and motors. The Motiv ePCS, battery packs and motor are installed to replace the engine and transmission of a new incomplete chassis such as the Ford E450 in a ship-through modification. This process, common in the truck industry, is similar to a Compressed Natural Gas ship-through modification and means minimal changes between the fossil fuel and electric versions of the final vehicle. Existing truck and bus builders who already use these incomplete chassis can build and sell electric versions of their existing truck and bus models.
"It's an honor to have the support of an investor like Mr. Magness," said Motiv CEO Jim Castelaz. "Not only does he see the potential in the market we are addressing, he understands our approach and believes in our vision of breaking the complete dependence trucks and buses currently have on fossil fuel."
About Motiv Power Systems
Founded in 2009 and based in Foster City, CA, Motiv Power Systems designs and builds an electric Powertrain Control System (ePCS) for commercial truck and bus builders who use it to create all-electric versions of vehicles such as box trucks, flat-/stake-bed trucks, refrigerated trucks, utility/service trucks, shuttle buses, school buses, delivery vehicles and refuse trucks.
SOURCE Motiv Power Systems