Heavy duty electric truck manufacturer Orange EV announced today that it has raised $35 million in an institutional funding round, with proceeds aimed toward accelerating its manufacturing, delivering vehicles to new markets, and developing new technologies.
Founded in 2012, Orange EV produces, sells, and services electric vehicles. The company was the first manufacturer, in 2015, to commercially deploy 100% electric Class 8 vehicles. The company focuses on Class 8-yard trucks, utilized in distribution centers, manufacturing plants, warehouses, and other facilities to move trailers and containers. According to the company, each yard truck has the ability to prevent more than 1,700 tons of CO2 emissions per truck over a 15-year lifespan.
Stephan Feilhauer, Managing Director, Clean Energy at S2G Ventures, said:
“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. 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 stated that the investment will enable the company to scale its manufacturing to meet demand increases, deliver vehicles to new markets, and develop new technologies to increase its lead in the Class 8 commercial vehicle segment.
The round was led by impact and sustainability-focused early-stage investors S2G Ventures and CCI.
Kurt Neutgens, Orange EV Co-founder, President, and CTO, said:
“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.”
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