Orange EV Closes $35 Million Funding Round to Accelerate EV Trucking Growth
Orange EV, a manufacturer of heavy duty, zero-emission EV trucks, has closed a £35 million institutional funding round led by S2G Ventures and CCI, an affiliate of Henry Crown and Co., to support and accelerate the company's growth. The investment will allow Orange EV to scale its manufacturing to meet demand increases, deliver vehicles to new markets and develop new technologies that will increase the company's lead in the Class 8 commercial vehicle segment. Orange EV's focus has been on Class 8-yard trucks, which are used to move trailers and containers in distribution centers, manufacturing plants, warehouses, rail intermodals, ports and other facilities where goods movement is mission critical.
Now into its second decade, Orange EV has more than 450 heavy-duty electric yard trucks operating in 130 fleets across 28 states, Canada and the Caribbean. "Orange EV's mission is to deliver electric vehicles that are better than legacy diesel ones in every way - for the earth, people, and the business bottom line," says Kurt Neutgens, Orange EV co-founder, president and CTO. "With this funding, Orange EV will be able to further scale its impact through continued investment in manufacturing to meet the demand that is outstripping our current facilities, as well as advance R&D to develop and deliver other products which will further improve our customer's operations while providing them significant savings." "S2G Ventures is investing in the transition to the clean energy, low-carbon economy and we are excited for the positive impact Orange EV will make," comments Stephan Feilhauer, managing director of clean energy at S2G Ventures. "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 tangible way to lower their carbon footprint, and dramatically improve their drivers' experience, while also saving money along the way - this is what a successful energy transition looks like," Feilhauer continues.
Cowen served as exclusive placement agent for Orange EV.