Funding will help accelerate manufacturing capacity expansion and new product development

 [Foster City, Calif. – January 12, 2021] — To aid in company-wide expansion, Motiv Power Systems announced that it has secured $20 million in financing from Crescent Cove Advisors, LP. The initial transaction closed in December of 2020, with additional funding expected at the close of Motiv’s Series C round, which Motiv is in the process of raising. In 2020, Motiv had record customer orders and secured $15 million in funding from GMAG Holdings Corp. This new funding traunch will help Motiv scale operational and manufacturing capabilities to meet demand and continue to provide high-touch customer support.

Jun Hong Heng, Founder and Chief Investment Officer at Crescent Cove, commented, “Motiv’s success with medium-duty electrification has made them a trusted partner for many of the biggest fleet names in North America. We are excited to fund the next stage of their growth, which will have a lasting impact on the industry and the air we breathe.”

Motiv’s EPIC product line is available for multiple configurations, including step vans, box trucks, work trucks, shuttle buses, school buses, trolleys, and specialty vehicles. Built on Ford eQVM-approved platforms, such as the F-59, E-450, and F-53, the company provides reliable, high performing EV technology for medium-duty fleets, building confidence and trust with repeat customers. In addition, the final stage of the vehicle build is performed by industry-leading bus and truck partners, with the same bodies that fleets come to rely on, providing an easy transition to electric.

“As we move into a new year, Motiv is also entering an exciting stage of growth and development in our mission to free fleets from fossil fuels,” said Matt O’Leary, Motiv’s Chairman and CEO. “We are honored with Crescent Cove’s confidence and investment in our company as we transform fleet electrification and are thrilled to be part of such an esteemed portfolio of companies.”

 

 About Motiv Power Systems

Founded in 2009 and headquartered in the San Francisco Bay Area, Motiv Power Systems is a sustainable technology company delivering proven electric truck and bus chassis and related charging infrastructure. Its commitment to freeing fleets from fossil fuels provides fleets a seamless pathway to electrification. Motiv's Ford eQVM-approved and CARB-certified EV technology operates at over 98 percent uptime today and uses high-performance BMW batteries for many configurations, including step vans, box trucks, work trucks, shuttle buses, school buses, trolleys, and more. Motiv has delivered 120 vehicles that have traveled more than one million miles across North America. The company’s solutions not only offer fleets up to 85 percent operation and maintenance cost savings, but also provide operators with a healthier and more comfortable driving experience without polluting the communities they serve. For more information and career opportunities, please visit motivtrucks.com.

About Crescent Cove Advisors, LP.

Based in San Francisco, Crescent Cove Advisors, LP is a credit-led investment firm within the technology, media & telecom (TMT) middle market. Differentiated by its speed and flexibility in solving complex financing issues, the firm is a sought-after partner for technology entrepreneurs. Select investments today include Luminar Technologies (NASDAQ: LAZR), Geo Semiconductor, Ember Technologies, and FreightRoll. For more information, visit www.crescentcove.com.

 

Media Contact for Motiv:

Joanna Hamblin
Sr. Marketing Manager
Motiv Power Systems
joanna.hamblin@motivps.com
(650) 204-9099

Technica Communications
Sarah Malpeli
(408) 806-9626 ext. 6840
sarah@technicacommunications.com

Media Contact for Crescent Cove Advisors:

Doug Donsky
ICR
(646) 677-1844
doug.donsky@ICRinc.com

 

The premier uniform service provider’s zero-emission fleet will be powered by Motiv's all-electric EPIC chassis

 [Foster City, Calif. – December 8, 2020] — As fleets nationwide transition to all-electric vehicles for last mile deliveries, Motiv announced the deployment of four all-electric step vans with Alsco, a global uniform service company. These zero-emission step vans are built on Motiv’s EPIC F-59 Ford eQVM-approved chassis and will serve routes in Sacramento and Los Angeles, with dozens more planned for next year. Alsco selected Motiv after successful demonstrations, where Alsco drivers and depot managers were impressed with the Motiv-powered electric trucks' performance.

Ideal for Alsco’s routes, Motiv’s EPIC F-59 chassis incorporate its mature and proven fifth generation electric powertrain technology, AdaptEV software and BMW battery packs. These all-electric step vans will reduce operation and maintenance costs by up to 85 percent, resulting in a lower total cost of ownership over the life of the vehicle. On an annual basis, the four electric step vans will offset approximately 100 metric tons of CO2 versus diesel-powered internal combustion engine (ICE) counterparts. They also provide drivers with fatigue reducing features such as hill hold and regenerative braking.

Alsco works to make their processes more sustainable and source products from vendors who prioritize eco-friendly options. By introducing zero-emission all-electric step vans into their fleet, Alsco is taking concrete steps to decrease its carbon footprint in the communities they serve.

“Alsco’s products, by nature, are more sustainable compared to disposables. We promote the use of reusable items, like uniforms, cloth napkins, towels, isolation gowns, and floor mats to our customers,” said Ben Fox, Director of Sales and Marketing, Alsco. “It only makes sense for us to put our delivery drivers in sustainable, efficient, reliable Motiv-powered all-electric step vans.”

 

 

With diverse vehicle applications and a strong customer base, Motiv has become a recognized leader delivering all-electric chassis for commercial trucks and buses. In addition to step vans, Motiv’s EPIC chassis power school buses, shuttle buses, box trucks, mobile medical vehicles, and more.

“We are excited to see Alsco Uniforms diversify their fleets to include zero-emission step vans,” said Matt O’Leary, Motiv’s Chairman and CEO. “As we see more medium-duty fleets choose all-electric options for their last mile delivery efforts, it’s our hope that we will truly see fleets freed from fossil fuels. We applaud Alsco’s long tradition of serving their customers with efficient, innovative, and sustainable technologies and look forward to a successful partnership into 2021.”

 

About Motiv Power Systems

Founded in 2009 and headquartered in the San Francisco Bay Area, Motiv Power Systems is a sustainable technology company delivering EV solutions for medium-duty trucks and buses. Its commitment to freeing fleets from fossil fuels provides fleets a seamless pathway to electrification. Motiv's proven EV technology is Ford eQVM-approved, CARB-certified, uses high-performance BMW batteries, and is available for many configurations, including step vans, box trucks, work trucks, shuttle buses, school buses, trolleys, and other specialty vehicles. Motiv has over 100 vehicles on the road, operating at over 99 percent uptime, and more than one million miles logged among several of the largest fleets in North America. Motiv’s adaptable technology solutions offer fleets up to 85 percent operation and maintenance cost savings and provide operators with a healthier, smoother, and quieter driving experience without polluting the communities they serve. For more information and career opportunities, please visit motivtrucks.com.

 

About Alsco

Alsco is a fourth-generation, family-owned-and-operated business, founded in 1889, that was recognized by the prestigious Hohenstein Institute for having invented the linen and uniform rental industry. Celebrating over 130 years of business, Alsco provides uniform rental services to customers that include restaurants, healthcare facilities, the automotive industry and industrial facilities. With over 180 locations and more than 20,000 employees, Alsco provides world-class service to over 355,000 customers in 14 countries. Learn more at http://www.alsco.com.

 

Media Contact for Motiv:

Joanna Hamblin
Sr. Marketing Manager
Motiv Power Systems
joanna.hamblin@motivps.com
(650) 204-9099

Technica Communications
Sarah Malpeli
(408) 806-9626 ext. 6840
sarah@technicacommunications.com

 Highly reliable and cost-effective class 4-6 solution available for fleets

 [Foster City, Calif. – December 2, 2020] — Motiv Power Systems announced its newest generation of EPIC chassis for medium duty electric fleets. The fifth generation EPIC F-59 and E-450 chassis have reduced the total number of components in the electric powertrain by 30 percent, while also improving range, acceleration, and top speed.

The fifth-generation EPIC chassis incorporate BMW’s commercially-proven, high-performance batteries in a new robust architecture and includes Motiv’s latest release of its AdaptEV software. The BMW battery packs offer fleets proven road performance, increased reliability, and longer warranties. The battery packs come with a five-year / 75K mile warranty and are validated with billions of real-world miles, giving them the added advantage of being exposed to every possible road condition that fleet drivers may encounter.

Motiv’s AdaptEV software offers fleets new features such as hill hold driver assist, two-hour high-speed charging using direct current fast charging (DCFC), telematics, and vehicle to grid (V2G) support capability. Software upgrades are available to fleets via seamless over the air updates. With deployments underway, Motiv is scaling its manufacturing capabilities to meet growing demand.

“Falling in line with our mission to free fleets from fossil fuels, our company continues to invest in R&D to bring new technology to market that delivers exceptional results to our fleet customers,” said Motiv Chairman and CEO Matt O’Leary. “Delivering reliable solutions, and continuously improving on these solutions, not only enables fleets to grow their electrification programs at a quicker rate, but also builds lasting customer relationships.”

 

Like all Motiv-powered vehicles currently in the field, the new EPIC chassis are also Ford eQVM-approved and come with a three-year / 50 K mile powertrain warranty. The robust design and full OEM warranty provides reliable coverage for fleet operators. With proven reliability on par with internal combustion engine (ICE) counterparts, Motiv-powered vehicles offer fleets over 99 percent uptime and up to 85 percent operation and maintenance cost savings compared to ICE vehicles.

 

About Motiv Power Systems

Founded in 2009 and headquartered in the San Francisco Bay Area, Motiv Power Systems is a sustainable technology company delivering EV solutions for medium-duty trucks and buses. Its commitment to freeing fleets from fossil fuels provides fleets a seamless pathway to electrification. Motiv's proven EV technology is Ford eQVM-approved, CARB-certified, uses high-performance BMW batteries and is available for many configurations, including step vans, box trucks, work trucks, shuttle buses, school buses, trolleys, and other specialty vehicles. Motiv has over 100 vehicles on the road, operating at over 99 percent uptime, and more than one million miles logged among several of the largest fleets in North America. Motiv’s adaptable technology solutions offer fleets up to 85 percent operation and maintenance cost savings and provide operators with a healthier, smoother, and quieter driving experience without polluting the communities they serve. For more information and career opportunities, please visit motivtrucks.com.

Media Contact for Motiv:

Joanna Hamblin
Sr. Marketing Manager
Motiv Power Systems
joanna.hamblin@motivps.com
(650) 204-9099

Technica Communications
Sarah Malpeli
(408) 806-9626 ext. 6840
sarah@technicacommunications.com