Editor's Note: This news item was retrieved through PR Newswire's website.
FOSTER CITY, Calif. - Motiv Power Systems, a San Francisco area-based provider of all-electric chassis for buses and trucks, announced today it has secured $60 million in equity funding in a Series B investment round led by investors GMAG Holdings Corp. and Winnebago, the company’s first minority investment in over 60 years of operation. Motiv's Electric Powered Intelligent Chassis (EPIC) has so far accumulated over 750,000 real-world miles in commercial fleet vehicles, featuring Motiv's proprietary operating software and power electronics on popular Ford chassis models. A Motiv-equipped vehicle with a Winnebago commercial shell is already in use by a major hospital system on the West Coast.
According to its website, Motiv recently received the Fast Company World Changing Idea Award for 2019. The new round of funding will also be used by the company to open an engineering and manufacturing center in Detroit, Michigan. The new facility brings Motiv closer to customers and partners, strengthening the company’s Midwest presence and helping increase electric vehicle adoption throughout the transportation industry.