Motiv Power Systems raises $15 million from GMAG Holdings Corp
Category: #business  By Pranali Mehta  Date: 2020-08-26
  • share
  • Twitter
  • Facebook
  • LinkedIn
Motiv Power Systems raises $15 million from GMAG Holdings Corp

Sustainable tech major, Motiv Power Systems, has reportedly raised a sum of $15 million from GMAG Holdings Corp. The investment will be made via convertible notes that are likely to be converted into an upcoming Series-C funding round by Motiv. This new funding will assist the company in advancing its fund technology, manufacturing operations, and geographic expansion.

Matt O’Leary, the Chairman and CEO of Motiv, has stated that this financing demonstrates the sustained dedication of GMAG Holdings towards supporting the company’s growth. He has further stated that Motiv’s advancement with down costing, a proven 5th generation technology, and an investment in a strong customer support team have generated around 200 vehicle orders, over half of which are repeat orders from happy consumers.

According to sources, the new funding is driven by the substantial momentum in the commercial electric vehicle market as fleet owners look towards cost reduction, meeting new regulations, and answering the social emphasis on cleaner transportation alternatives. California’s Air Resources Board, for instance, under its California Advanced Clean Truck regulation, has made it mandatory that 50 per cent of the trucks traded in California should be emitting zero emissions by 2035 and 100 per cent by 2045.

Matt Gallaher, the CFO at GMAG Holdings Corp., has stated that in spite of the challenges created by the current pandemic, Motiv has continued to progress at a commendable upward trajectory. He has also stated that GMAG visualizes great potential in the company to emerge as the leading player in the commercial EV space in near future.

Of late, Motiv has reached a milestone of 1 million electric miles registered among numerous fleets in North America. The achievement signifies the elimination of around 900 plus metric tons of GHG emissions, equivalent to nearly 213 passenger vehicles driven for one year.

 

Source Credits:

https://www.prnewswire.com/news-releases/motiv-power-systems-secures-15-million-in-funding-from-gmag-holdings-corp-301116825.html

  • share
  • Twitter
  • Facebook
  • LinkedIn

About Author

Pranali Mehta

Pranali Mehta    

Pranali Mehta boasts of over three years of experience as a content writer. Having completed her graduation in chemical engineering, she worked as safety & environment associate in a chemical company for a year. Harnessing her passion for writing however, Pranali deci...

Read More >>

More News By Pranali Mehta

Air New Zealand exploring low-carbon tech to reduce fleet emission
Air New Zealand exploring low-carbon tech to reduce fleet emission
By Pranali Mehta

Air New Zealand Ltd. recently stated that it is learning to utilize low-carbon technologies such as hybrid, electric, or hydrogen-powered aircraft to drastically cut emissions from shorter and regional flights by 2030. Aviation accounts for about 2....

Siemens Gamesa raises capacity of 5.X wind turbine platform to 6.6MW
Siemens Gamesa raises capacity of 5.X wind turbine platform to 6.6MW
By Pranali Mehta

Renewable energy major, Siemens Gamesa has successfully increased the capacity of its next-generation onshore wind turbine platform, the Siemens Gamesa 5.X. With this upgrade, output of the platform’s SG 6.6-155 and SG 6.6-170 turbines has bee...

Amazon launches its largest fulfillment center in Bengaluru, India
Amazon launches its largest fulfillment center in Bengaluru, India
By Pranali Mehta

E-commerce major Amazon India has unveiled the largest fulfillment center in Bengaluru, which reportedly comes with a capacity of over 2.4 million cubic feet. The company mentioned in its official statement this new infrastructural expansion will pr...