Orange EV announced that it has closed a US$35 million institutional funding round led by S2G Ventures and CCI, an affiliate of Henry Crown and Company.
The investment will allow the US-headquartered manufacturer to scale its manufacturing to meet increases in demand, 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 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,” said Kurt Neutgens, Orange EV co-founder, president and chief technology officer.
“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,” Neutgens added.
Orange EV says that its trucks save companies money, are safer, 10 times more reliable and are rated higher by drivers and managers than their diesel predecessors. Orange EV yard trucks prevent over 1,700 tonnes of carbon dioxide emissions per truck over a 15-year lifetime, according to the company.
“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,” commented Stephan Feilhauer, managing director of Clean Energy at S2G Ventures.
