August 4, 2022, Missouri — To support and accelerate the company’s growth, Orange EV, the heavy-duty zero-emission truck manufacturer with the largest market share in the EV sector, today announced that it has closed a USD 35 million institutional funding round led by S2G Ventures and CCI, a subsidiary of Henry Crown and Company.
With the financing, Orange EV will be able to scale its production to meet enormous demand growth, provide industry-leading vehicles to new markets, and create new technologies that will strengthen the company’s position as the market leader for Class 8 commercial vehicles.
According to Kurt Neutgens, co-founder, president, and chief technology officer of Orange EV:
“Orange EV’s objective is to produce electric vehicles superior to traditional diesel ones in every aspect – for the earth, people, and the business bottom line. With this funding, Orange EV will be able further to scale its impact through continued investment in manufacturing to meet the demand that is exceeding our current facilities, as well as advance R&D to develop and deliver other products that will further improve our customers’ operations while offering them significant savings.”
According to Stephan Feilhauer, Managing Director, Clean Energy at S2G Ventures:
“We at S2G Ventures are enthusiastic about Orange EV’s beneficial contribution to the transition to clean energy, low-carbon economy. The company has led the industry ever since its first truck was released in 2015 and now has the security to truly innovate and exert its leadership role in this market for a long time to come. Orange EV’s trucks have a lower total cost of ownership than diesel, give their customers a concrete way to lower their carbon footprint, and significantly improve their drivers’ experience while also saving money.”
More about the startup:
With its headquarters in Kansas City, Missouri, Orange EV is the top OEM offering industrial fleets heavy-duty, electric vehicle solutions that are safer, more dependable, and preferred by drivers and management while saving money.
Orange EV was the first manufacturer in the country to produce fully electric Class 8 vehicles that could be scaled and deployed commercially. Orange EV builds both new and repowered terminal trucks. Over 130 fleets in 28 states, Canada, and the Caribbean have chosen Orange EV’s terminal trucks during its tenth year of operation. Orange EV trucks have traveled more than 5.8 million miles and worked 1.7 million duty hours overall.
Compared to their diesel counterparts, orange EV trucks are more reliable, safer, and cost-effective for businesses. Drivers and managers also give them higher ratings. There is a growing need to hasten the switch to electric vehicles on a large scale as fuel prices continue to rise and more companies set ambitious objectives for phasing out fossil fuels. With a 15-year lifespan, orange EV yard trucks are the truck of choice for making immediate and lasting emissions reductions. Each car may avoid over 1,700 tonnes of carbon dioxide emissions.
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