Wednesday December 4, 2019 0 comments
LOVELAND -- Lightning Systems, a global developer of zero-emission drivetrains, announced it has raised $41 million in equity, debt, and working capital line funding from existing and new investors.
The round was led by BP Ventures, with participation from other existing investors and new investor, Cupola Infrastructure Income Fund, LLLP, a private equity fund focused on sustainability and infrastructure opportunities.
Proceeds from the new funding will be used to ramp up production to fulfill new orders for electric powertrains for Ford Transits, Ford E-450s, Ford F-59 step vans, Chevrolet Low Cab Forward 6500XD trucks and Lightning Electric city buses, the company said.
“We are now delivering powertrains for over $25 million in orders from major fleets, propelling Lightning Systems to the position of the established premium provider of a full range of platforms for commercial vehicle fleets,” said Tim Reeser, CEO, Lightning Systems.
“Lightning is in series production of high-quality powertrains for new and repowered commercial vehicles across Class 3-7 on five major platforms that are on the road with customers today.”
“Leading commercial fleets are starting to recognize the benefits of an all-electric fleet, along with state incentive programs encouraging the adoption of commercial electric vehicles,” said Trent Yang, who heads the Cupola Infrastructure investment team.
“Lightning is a leader in designing and manufacturing all-electric powertrains for many of the existing fleet platforms for which the traditional OEMs have no electric solutions, and we believe there will be significant demand for its solutions as more commercial fleets are incentivized to go electric.”
“The global electric vehicle market is growing at an unprecedented rate, and we are seeing the electrification of more and more commercial fleets,” said David Hayes, BP Ventures chief investment officer.
“We believe in Lightning’s ability to quickly scale its zero-emission powertrain business. Lightning already has a very wide base of vehicles that use its powertrains, which will be key as fleets look to scale their investments in zero-emission vehicles.”