Los Angeles-based Battle Motors, dba Crane Carrier Co. (CCC), New Philadelphia, Ohio, has completed a $120 million raise from institutional investors including a cornerstone global institutional investor.
Battle Motors acquired CCC, a 75-year-old manufacturer of diesel and CNG refuse and heavy-duty trucks, earlier this year. The company serves over 750 municipal customers through 180 dealers in over 320 locations across the United States and Canada, and has since added multiple high-performance, fully electric trucks to the portfolio, according to a news release.
The company says it is including a "smart cab," with enhanced advanced driver-assistance systems (ADAS) and what it calls state-of-the-art tablets to provide additive services and safety features to customers.
"When we acquired CCC earlier this year, it was not our intent to simply take part in the electrification of the refuse truck market," Battle CEO Michael Patterson said. "Our intent was, and is, to offer a superior product and dominate the market. This capital raise enables us to execute our EV strategy, significantly ramp up our production capacity, offer better prices to our customers and dramatically increase our market share."
Proceeds from the raise will be used for the Q1 completion of the manufacturing facility in Ohio growing production space from 150,000 square feet to 350,000 square feet, working capital and adding workforce and machines to increase production.