Orange EV Raises $35 Million to Scale EV Trucking Solutions
Led by S2G Ventures and CCI, the investment accelerates the EV trucking leaders' innovation and expansion plans
KANSAS CITY, Mo., Aug. 4, 2022 -- Orange EV, the EV industry-leading manufacturer with the most heavy duty zero-emission trucks in operation in the United States, today 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 tremendous demand increases, deliver class-leading vehicles to new markets, and develop new technologies that will increase the company's lead 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% 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 where goods movement is mission critical. Now into its 2nd decade as an EV innovator, Orange EV 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. Orange EV 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."
Yard trucks are one of the best, if not the best, electric vehicles for fleets to implement today, according to the North American Council for Freight Efficiency (NACFE), as published in their March 2022 report. Orange EV has nearly singlehandedly created this trajectory for the industry.
"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, "Orange EV's trucks have a lower total cost of ownership than diesel, give their customers a tangible way to lower their carbon footprint, and dramatically improve their drivers' experience, while also saving money along the way - this is what a successful energy transition looks like."
Cowen served as exclusive placement agent for Orange EV.
Orange EV, headquartered in Kansas City, MO, is the leading OEM providing industrial fleets with heavy-duty, electric vehicle solutions proven to save money while being safer, more reliable, and preferred by drivers and management. Building both new and re-powered terminal trucks, Orange EV was the nation's first manufacturer offering 100 percent electric Class 8 vehicles to be commercially deployed and scaled. Now in its 10th year of operations, Orange EV's terminal trucks have been chosen by more than 130 fleets across 28 states, Canada, and the Caribbean. Cumulatively, Orange EV trucks have surpassed 5.8 million miles and 1.7 million duty hours. For more information, visit www.orangeev.com.
S2G Ventures, the direct investment team of Builders Vision, partners with entrepreneurs who are working on solutions to some of the world's greatest challenges across the food, agriculture, oceans, and clean energy markets. The organization provides capital, mentorship, and value-added resources to companies pursuing innovative market-based solutions that generate positive social, environmental, and financial returns. S2G provides partners with flexible capital solutions that can range from seed and venture funding through growth equity to debt and infrastructure financing. For more information about S2G, visit s2gventures.com, tune in to their podcast, or connect on LinkedIn.
CCI, an affiliate of Henry Crown and Company, is a Chicago-based holding company for the Crown family. CCI invests, via late-stage venture and growth equity, in businesses focused on environmental sustainability. The family enterprise dates itself to 1919 when Henry Crown and his brothers started Material Service Corporation.
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SOURCE Orange EV