Electric truck specialist Motiv Power Systems said it has raised $60 million in new investment as it enters its second decade.
Colorado-based GMAG Holdings Inc. led the Series B funding round. Recreational vehicle giant Winnebago Industries is the second major participant.
The new funding leaves Motiv “debt-free with a strong balance sheet,” Matt O’Leary, chief executive of the Foster City, Calif., company, told Trucks.com.
Previously, Motiv had raised about $7 million in investment funding and $20 million in various electric truck development grants, mainly from California air quality regulators.
Winnebago and GMAG, a privately held investment firm, invested in Motiv’s initial financing efforts as well.