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Battle Motors Announces Series B Capital Raise of $150 Million
NEW PHILADELPHIA, Ohio & LOS ANGELES, September 6, 2022-- Battle Motors, formerly Crane Carrier Company (CCC), has completed a Series B investment round with $150 million in new growth capital from a cornerstone global institutional investor. This capital raise follows a $120 million Series A investment round announced in December 2021. “We have validated our strategic growth initiatives and the attractive sector fundamentals while identifying additional market opportunity,” said Michael Patterson, CEO of Battle Motors.
Battle Motors has executed its expansion plans and promises to lead the electrification of the vocational fleet truck industry since acquiring CCC in 2021. Since then, the company has grown production throughput at its Ohio manufacturing facility from [less than] 1 truck per day to its current daily throughput of [approximately] 6 trucks per day through increased automation, expanded floorspace to 325,000 square-feet, and nearly tripling its workforce to 300 employees. Additionally, Battle Motors has bolstered its management team through several industry veteran hires, expanded its dealer network, and successfully gained market share in North America.
Striving for daily continuous improvement throughout the company gave Battle Motors the ability to increase production within its legacy footprint while construction was still underway. “Challenging ourselves to learn from adversity and to be better every single day has built the exceptional team necessary to reach all our goals. Now we have the manufacturing facility to match,” says COO Cody Boggs.
Development and commercialization of a reliable severe-duty EV (Electric Vehicle) truck has been core to the Battle Motors strategy and the company is pleased to announce FMVSS certification for its EV truck line. Complementing the EV rollout, Battle Motors has developed its innovative “Smart Cab” platform which boasts enhanced Advanced Driver-Assistance Systems (ADAS) and a proprietary connectivity software system, RevolutionOS™, designed to deliver actionable data to drivers and fleet managers for enhanced safety, efficiency, and security. Battle Motors is now delivering its Class 8 severe-duty electric truck to refuse customers and serves over 750 municipal customers through 180 dealers in over 320 locations across the United States and Canada.
“Receiving FMVSS certifications and moving into production on our first EV model validates our team’s perseverance in creating revolutionary innovations and expanding our EV capabilities allows us to create even more disruptive technologies to deliver to the market,” says CTO Kelleigh Ash.
The proceeds from this capital raise will be used to expand production throughput to 16 trucks per day, fulfill existing order backlog, expand EV manufacturing capabilities, and general corporate purposes.
BTIG, LLC served as financial advisor to Battle Motors in connection with the capital raise.
ABOUT BATTLE MOTORS
Battle Motors was founded in 2021 by Mike Patterson, the founder of Romeo Power. Battle Motors, a leader in the development of electric vehicle (EV) technology, acquired commercial vehicle Original Equipment Manufacturer (OEM), Crane Carrier Company, LLC (CCC) in 2021. Battle Motors is the leader in the vocational truck industry, providing work-ready diesel, clean natural gas (CNG), and now EV chassis designed and manufactured in North America for the refuse and recycling markets. Battle Motor’s durable, dependable trucks are built to excel in a multitude of applications that now include middle-mile and last-mile delivery. CCC has been manufacturing commercial vehicles for 76 years and is based in New Philadelphia, Ohio. www.battlemotors.com
Jennifer Gross | Battle Motors