San Francisco based electric powered intelligent chassis provider Motiv secured fresh funding of US$ 15M from GMAG Holdings Corp. It is currently valued at US$ 102.5M.
The funds raised will be utilized to fund technology and scaling up its manufacturing operations. As vehicle makers are struggling to produce electric medium- and heavy-duty trucks, Motiv wants to use these funds to its advantage and develop better technology.
Last year in October, Motiv had raised US$ 60M funding led by GMAG, its main investor, and Winnebago Industries Inc., a recreational vehicle maker. It has helped Motiv get customers like Aramark and electrify the E-450, a medium-duty truck made by Ford Motor Co. Its latest funding brings its total capital raised to $95 million.
About Motiv Power Systems
Motive Power Systems provides chassis and software solutions for cost effective, reliable, class 4-7 commercial vehicles – medium duty trucks and buses. It was founded in 2009 by Jim Castelaz, who is also the CTO. Matt O’ Leay is the Chairman and CEO.
The Electric Power Intelligent Chassis (EPIC) is Motiv’s family of battery-electric chassis built on OEM platforms like Ford’s E-450 and F-59. The EV technology on these chassis is also the first all-electric system to receive Ford eQVM approval in 2017. Motiv uses batteries from BMW for its chassis. Over the years, they have improved their control system architecture by adding feature functionality and thus reducing cost and weight.
About the Founder
Jim Castealz is a leading electric vehicle entrepreneur. He is an electrical engineer with expertise in power and embedded systems. He wished to becoming the US market leader in common-platform electric truck and bus chassis. His experience includes capital formation, government grants, developing IP portfolios etc. Jim holds an MSEE degree from Stanford University and BS in Engineering and Economics from Harvey Mudd College.
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