Battery Trucks Developer Raises $7.3 Million for Powertrain Production
Foster City, Calif.-based Motiv Power Systems said Monday that it’s raised $7.3 million in growth capital from investors led by Colorado’s Magness Investment Group. Motiv offers its ePCS – for electric Powertrain Control System – as a unique product suite “that can electrify any truck or bus chassis with a variety of commercially-available battery packs and motors.”
The funding comes as the second Motiv-equipped all-electric school bus has been delivered to Kings Canyon Unified School District (F&F, March 11).
“Motiv has cracked the code on electric trucks,” Magness Investment manager Gary Magness says in Motiv’s funding announcement.
Motiv ePCS via Ship-Through
“We are impressed with how Motiv’s approach leverages the existing truck and bus builder ecosystem to achieve scalability,” he said, citing a “revolution in trucking that brings environmental sustainability and significant fuel savings to an industry that’s the backbone of our economy.”
Motiv ePCS battery packs and motor are used to replace the engine and transmission of vehicles like the Ford E450 via a ship-through modification.
“This process, common in the truck industry, is similar to a compressed natural gas ship-through modification and means minimal changes between the fossil fuel and electric versions of the final vehicle.
“Existing truck and bus builders who already use these incomplete chassis can build and sell electric versions of their existing truck and bus models,” Motiv says.
‘He Understands Our Approach’
“It’s an honor to have the support of an investor like Mr. Magness,” said Motiv CEO Jim Castelaz.
“Not only does he see the potential in the market we are addressing, he understands our approach and believes in our vision of breaking the complete dependence trucks and buses currently have on fossil fuel.”
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Source: Motiv Power Systems with Fleets & Fuels follow-up