GMAg provided $15m in convertible note financing that will be put towards the Winnebago-backed electrification equipment maker's ongoing series C round.
Motiv Power Systems, a US-based electric vehicle technology provider backed by recreational vehicle producer Winnebago Industries, has raised $15m in convertible note financing from diversified holding group GMAG Holdings.
The capital will go to a series C round the company is currently raising. It will follow a $60m series B co-led by Winnebago and GMAG Holdings in October 2019.
Founded in 2009, Motiv has developed an all-electric chassis and attendant software that can be retrofitted to buses and medium-duty trucks in order to convert them to electric vehicles. The funding will support product development and the expanding of its manufacturing capacity.
Matt O’Leary, chairman and chief executive of Motiv, said: “This funding demonstrates the sustained commitment of GMAG Holdings, Motiv’s largest investor, to support our growth.
“Our progress with down costing, investment in a strong customer support team, and a proven fifth generation technology have resulted in some 200 vehicle orders, more than half of which are repeat orders from happy customers.”
Magness Investment Group led a $7.3m funding round for the company in 2014, adding to $250,000 from undisclosed investors in 2010, according to a regulatory filing.