Motiv Electric Truck Specialist Raises $60 Million in New Funding

Electric truck specialist Motiv Power Systems said it has raised $60 million in new investment as it enters its second decade.

Colorado-based GMAG Holdings Inc. led the Series B funding round. Recreational vehicle giant Winnebago Industries is the second major participant.

The new funding leaves Motiv “debt-free with a strong balance sheet,” Matt O’Leary, chief executive of the Foster City, Calif., company, told Trucks.com.

Previously, Motiv had raised about $7 million in investment funding and $20 million in various electric truck development grants, mainly from California air quality regulators.

Winnebago and GMAG, a privately held investment firm, invested in Motiv’s initial financing efforts as well.