Orange EV announced it has closed a $35 million institutional funding round led by S2G Ventures and CCI, an affiliate of Henry Crown and Company, 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 in the Class 8 commercial vehicle segment.
Founded in 2012 in Riverside, Missouri, Orange EV was the country’s first manufacturer to commercially deploy 100 per cent electric Class 8 vehicles in 2015. The company’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.
Orange EV said its yard trucks reduce over 1,700 tons of carbon dioxide emissions per truck over a 15-year lifespan.
“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 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.”
Yard trucks are one of the best electric vehicles for fleets to implement today, according to the North American Council for Freight Efficiency (NACFE).
“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,” said Stephan Feilhauer, Managing Director, Clean Energy at S2G Ventures,
Cowen served as exclusive placement agent for Orange EV.
