Orange EV has raised $35 million (£29m) of funding to support and accelerate the development of heavy-duty zero-emission trucks in the US.
The investment, led by S2G Ventures and CCI, an affiliate of Henry Crown and Company, will allow Orange EV to scale its manufacturing to meet demand and deliver the vehicles to new markets.
According to the company, the yard trucks help prevent more than 1,700 tons of carbon emissions per truck over a 15-year lifespan.
Kurt Neutgens, Orange EV Co-founder, President and CTO said: “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.
“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.”
Orange EV claims yard trucks are one of the best EVs for fleets to implement “to make immediate and permanent” emissions reductions.
Stephan Feilhauer, Managing Director, Clean Energy at S2G Ventures added: “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.
“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.”