Elbow Beach Capital, the decarbonisation, sustainability and social impact investor, has announced a £1 million follow-on investment in Munro Vehicles, the Glasgow-based manufacturer of all-electric 4×4 vehicles and Scotland’s only volume production car company.
This takes Elbow Beach’s commitment in Munro to more than £1.7 million — and the firm remains Munro’s largest single investor.
Munro Vehicles has recently completed its first production model, the Series-M 4×4 Utility, 12 months after the company unveiled its first prototype model.
“Munro has secured a £68m+ customer pipeline and has received vehicle orders from Jakob Mining Vehicles, one of the largest distributors of specialist vehicles for the mining sector, and Morgan Sindall Infrastructure, one of the UK’s leading civil engineering contractors,” said Elbow Beach Capital.
“Munro’s forthcoming production model debut marks the return of light vehicle production to Scotland for the first time since the closure of the Linwood car plant in 1981, marking a significant moment in Scotland’s automotive history.”
Elbow Beach Capital CEO Jon Pollock said: “This is a huge achievement for Munro. The company has achieved significant scale-up progress over the last 12 months, which is reflected in a material customer pipeline and orders.
“There is a notable gap in the market for high quality, durable, off-road electric 4×4 vehicles for demanding industries and the completion of the Series-M Utility positions Munro as the go-to provider of 4x4s for big sectors such as mining, construction, and agriculture.
“Elbow Beach is committed to supporting businesses that revolutionise industries and Munro is an excellent example of our thesis.
“We are looking forward to seeing the first production model roll off the production line in Scotland in the new year and look forward to continuing to support Munro over the next stages of their growth.”
Munro Vehicles CEO Russell Peterson said: “Munro’s roadmap will enable it to capitalise on its global market opportunity whilst also making a significant contribution to the Scottish economy. Munro appreciates the support of Elbow Beach Capital in helping us to scale.”
Munro Vehicles plans to build 50 vehicles by mid 2024 before transitioning to a new purpose-built site near Glasgow later in the year.
With the creation of 300 new jobs, production will be ramped up following a strategic roadmap to deliver 2,500 units annually by 2027.