On August 24, Motiv Power Systems, which provides chassis and software systems for medium-duty trucks and buses, said that it had received US$15 million in additional funding from GMAG Holdings Corp for technology development and business expansion.
Last October, Motiv completed a round of financing with an amount of US$60 million. The lead investor is still GMAG, and other investors include recreational vehicle manufacturer Winnebago Industries Inc.. After the latest round of financing, Motiv’s total financing reached $95 million. Motiv provides chassis for customers such as Aramark, and once provided electric chassis for Ford’s medium-duty truck E-450. Motiv’s chassis uses BMW batteries, but the core of the company’s products is the software operating system and the electronic components for operating electric vehicles.
Currently, automakers are racing to produce medium- and heavy-duty electric trucks to provide commercial customers seeking to get rid of traditional internal combustion engine vehicles with vehicles with a longer range. Although Tesla currently dominates the electric passenger car market, the freight industry is currently waiting for the emergence of excellent electric trucks.
In June of this year, the California Air Resources Board (CARB) approved a breakthrough policy requiring automakers to sell more zero-emission vehicles starting in 2024, which provides a new impetus for the production of commercial electric vehicles. Motiv CEO Matt O’Leary said that in the past period of time, large fleet operators have been seeking electrification, and CARB’s regulations “make it easier for them to convince their internal members and allow enterprises to move quickly.”