Motiv Power Systems Secures $60 Million

Provider of all-electric medium-duty chassis for buses and trucks, Motiv Power Systems announced it has secured $60 Million in equity funding. The Series B round of investment was led by investors GMAG Holdings Corp. and Winnebago. These funds will support the overall growth of Motiv, including opening a new engineering and manufacturing facility in Detroit as well as facilitate further growth in the large-fleet customer segment.

Collectively, vehicles powered by Motiv's EPIC chassis have accumulated more than 750,000 real-world miles driven by customers such as Aramark, Bimbo Bakeries USA, USPS, the City of Mountain View in the heart of Silicon Valley, over a dozen school districts, and more.

“Over the last ten years, Motiv has proven its technology and business model,” stated Matt Gallaher, Chief Financial Officer of GMAG Holdings Corp. “The commercial transportation industry is on the cusp of significant growth in electrification. We strongly believe in Motiv's technology as well as the management team driving its growth. We are excited to further support them as the company scales to meet the demand of the growing commercial EV market.”