Industrial EV maker Orange EV raises USD 35 million.
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Industrial EV maker Orange EV raises USD 35 million.

The investment will allow Orange EV to scale its manufacturing to meet tremendous demand increases, deliver class-leading vehicles to new markets, and develop new technologies.

Electric truck manufacturer Orange EV today announced it had 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 tremendous demand increases, deliver class-leading vehicles to new markets, and develop new technologies that will increase the company’s lead in Class 8 commercial vehicle segment.

Founded in 2012 in Riverside, Missouri, Orange EV was the country’s first manufacturer to commercially deploy 100% 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 intermodal, ports, and other facilities where goods movement is mission critical. Now into its 2nd decade as an EV innovator, the company continues to lead the industry with more than 450 heavy-duty electric yard trucks operating in 130 fleets across 28 states, Canada, and the Caribbean.

Orange EV trucks save companies money, are safer, 10x more reliable, and higher-rated by drivers and managers versus their diesel predecessors. As the cost of fuel continues to rise and as more businesses around the world set ambitious goals for eliminating fossil fuels, there is an increased demand to accelerate the transition to electric vehicles at scale. The yard trucks are proven to be the truck of choice to make immediate and permanent emissions reductions, preventing 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.”

Also Read: BMW starts taking orders for the i4 eDrive35 in Canada.

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