FOSTER CITY, Calif., Jan. 12, 2021 /PRNewswire/ -- To aid in company-wide expansion, Motiv Power Systems announced that it has secured $20 million in financing from Crescent Cove Advisors, LP. The initial transaction closed in December of 2020, with additional funding expected at the close of Motiv's Series C round, which Motiv is in the process of raising. In 2020, Motiv had record customer orders and secured $15 million in funding from GMAG Holdings Corp. This new funding traunch 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, commented, "Motiv's success with medium-duty electrification has made them a trusted partner for many of the biggest fleet names in North America. We are excited to fund the next stage of their growth, which will have a lasting impact on the industry and the air we breathe."
Motiv's EPIC product line is available for multiple configurations, including step vans, box trucks, work trucks, shuttle buses, school buses, trolleys, and specialty vehicles. Built on Ford eQVM-approved platforms, such as the F-59, E-450, and F-53, the company provides reliable, high performing EV technology for medium-duty fleets, building confidence and trust with repeat customers. In addition, the final stage of the vehicle build is performed by industry-leading bus and truck partners, with 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," said 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."
About Motiv Power Systems
Founded in 2009 and headquartered in the San Francisco Bay Area, Motiv Power Systems is a sustainable technology company delivering proven electric truck and bus chassis and related charging infrastructure. Its commitment to freeing fleets from fossil fuels provides fleets a seamless pathway to electrification. Motiv's Ford eQVM-approved and CARB-certified EV technology operates at over 98 percent uptime today and uses high-performance BMW batteries for many configurations, including step vans, box trucks, work trucks, shuttle buses, school buses, trolleys, and more. Motiv has delivered 120 vehicles that have traveled more than one million miles across North America. The company's solutions not only offer fleets up to 85 percent operation and maintenance cost savings, but also provide operators with a healthier and more comfortable driving experience without polluting the communities they serve. For more information and career opportunities, please visit www.motivps.com.
About Crescent Cove Advisors, LP.
Based in San Francisco, Crescent Cove Advisors, LP is a credit-led investment firm within the technology, media & telecom (TMT) middle market. Differentiated by its speed and flexibility in solving complex financing issues, the firm is a sought-after partner for technology entrepreneurs. Select investments today include Luminar Technologies (NASDAQ: LAZR), Geo Semiconductor, Ember Technologies, and FreightRoll. For more information, visit www.crescentcove.com.
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