Motiv Power Systems secures $20 million financing

Motiv Power Systems has secured $20 million in financing from Crescent Cove Advisors, LP, a San Francisco-based investment company. The funding will be used to scale manufacturing of technologies such as Motiv’s EPIC vehicle electrification system.

To aid in company-wide expansion, Motiv Power Systems announced that it has secured $20 million in financing from Crescent Cove Advisors, LP, a San Francisco-based investment company.

The initial transaction closed in December, with additional funding expected at the close of Motiv’s Series C round, which Motiv is in the process of raising. In 2020, Motiv had record customer orders and secured $15 million in funding from GMAG Holdings Corp. The new funding will help Motiv scale operational and manufacturing capabilities to meet demand and continue to provide high-touch customer support.

“Motiv’s success with medium-duty electrification has made them a trusted partner for many of the biggest fleet names in North America,” said “Jun Hong Heng, founder and chief investment officer at Crescent Cove. “We are excited to fund the next stage of their growth, which will have a lasting impact on the industry and the air we breathe.”

Motiv’s EPIC product line is available for multiple configurations, including step vans, box trucks, work trucks, shuttle buses, school buses, trolleys, and specialty vehicles. Built on Ford eQVM-approved platforms, such as the F-59, E-450, and F-53, the company provides EV technology for medium-duty fleets. In addition, the final stage of the vehicle build is performed by industry-recognized bus and truck partners, with the same bodies that fleets already utilize, providing an easy transition to electric, Motiv said.

“As we move into a new year, Motiv is also entering an exciting stage of growth and development in our mission to free fleets from fossil fuels,” said Matt O’Leary, Motiv’s chairman and CEO. “We are honored with Crescent Cove’s confidence and investment in our company as we transform fleet electrification and are thrilled to be part of such an esteemed portfolio of companies.”