Orange EV, has 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.