Battle Motors, New Philadelphia, Ohio, formerly Crane Carrier Co. (CCC), has completed a Series B investment round with $150 million in new growth capital from a cornerstone global institutional investor.
This capital raise follows a $120 million Series A investment round announced in December 2021.
“We have validated our strategic growth initiatives and the attractive sector fundamentals while identifying additional market opportunity,” Battle Motors CEO Michael Patterson says.
The proceeds from this capital raise will be used to expand production throughput to 16 trucks per day, fulfill an existing order backlog, expand EV manufacturing capabilities and cover general corporate purposes.
Since acquiring CCC in 2021, Battle Motors has executed its expansion plans, aiming to lead the electrification of the vocational fleet truck industry. Since 2021, the company has increased production throughput at its Ohio manufacturing facility from an average of less than one truck per day to its current daily throughput of approximately six trucks per day by increasing automation, expanding floorspace to 325,000 square feet and nearly tripling its workforce to 300 employees. Additionally, Battle Motors has bolstered its management team by hiring several industry veterans. The company also has expanded its dealer network and successfully gained market share in North America.
“Striving for daily continuous improvement throughout the company gave Battle Motors the ability to increase production within its legacy footprint while construction was still underway,” Battle Motors Chief Operating Officer Cody Boggs says. “Challenging ourselves to learn from adversity and to be better every single day has built the exceptional team necessary to reach all our goals. Now we have the manufacturing facility to match.”
Development and commercialization of a reliable severe-duty EV (electric vehicle) truck has been central to the Battle Motors strategy, and the company has announced Federal Motor Vehicle Safety Standards (FMVSS) certification for its EV truck line. Complementing the EV rollout, Battle Motors has developed its innovative “Smart Cab” platform which includes enhanced Advanced Driver-Assistance Systems (ADAS) and a proprietary connectivity software system, RevolutionOS, designed to deliver actionable data to drivers and fleet managers for enhanced safety, efficiency and security.
A leader in the vocational truck industry, Battle Motors now is delivering its Class 8 severe-duty electric truck to refuse customers and serves more than 750 municipal customers through 180 dealers in more than 320 locations across the United States and Canada.
“Receiving FMVSS certifications and moving into production on our first EV model validates our team’s perseverance in creating revolutionary innovations, and expanding our EV capabilities allows us to create even more disruptive technologies to deliver to the market,” Batttle Motors Chief Technology Officer Kelleigh Ash says.
BTIG LLC served as financial advisor to Battle Motors in connection with the capital raise.
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