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Investors are injecting financial support and vehicle orders into the electric truck sector


Investors continue to pour money into the electric vehicle sector, like Ohio-based automaker Battle Motors today said it had raised $150 million in backing and increase production of its Class 6 and Class 8 professional trucks.

The New Philadelphia, Ohio-based company makes garbage trucks powered by diesel, compressed natural gas (CNG) and electric motors, and says it is expanding its applications to now include middle- and last-mile deliveries.

The latest capital was a “series B” round led by a funder described only as a “corner global institutional investor” and follows a “Series A” investment round of $120 million in December 2021. Also in 2021. Battle Motors Acquires Crane Carrier Company (CCC) and has since increased throughput at the Ohio manufacturing facility from 1 truck per day to 6 trucks per day, the company said.

With the latest funding, the company says it will increase capacity to 16 trucks per day, fulfill existing orders, expand electric vehicle manufacturing capabilities and cover general corporate expenses. In addition to other models, Battle Motors now delivers a heavy-duty Class 8 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.

Also today, industrial battery manufacturer Flux Power Holdings Inc. said that in the fiscal year ending June 30, 2022, it had total purchase orders from new and existing customers of more than $64 million, up more than 82% from last year. .

Vista, Calif.-based Flux Power defines itself as a developer of advanced lithium-ion energy storage solutions for electrifying commercial and industrial equipment. It primarily serves the material handling, airport ground support equipment (GSE) and stationary energy storage sectors.

“We believe the new orders for delivery in our 2022 fiscal year are a strong indicator of our potential to achieve $70 million in annual revenue in the near term. Our strategic initiatives to accelerate backlog conversion and increase inventory turnover are also driving revenue and gross margins that will drive profitability,” Flux CEO Ron Dutt said in a release. “Additional momentum is created by accelerating the transition to renewable energy sources throughout the economy. The the Inflation Reduction Act was recently passed includes tax and other incentives that aim to significantly accelerate the adoption of zero-emission technologies for commercial vehicles. We believe our products will benefit as electrification spreads to material handling and other equipment supported by Flux as customers transition their entire fleet to clean energy solutions.”

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