Munro EV, the Glasgow-based electric 4X4 manufacturer, announced it has secured £2 million in fresh funding from existing investor Elbow Beach alongside other parties.
Elbow Beach is a cleantech VC backed by British Business Bank money.
The investment will accelerate production of Munro’s M-Series vehicles, specifically designed for the demanding requirements of mining, defence and construction industries.
The £2 million investment will enable Munro to significantly scale its Glasgow production facility to service the current customers orders worth £17 million, which is expected to create up to 300 new manufacturing jobs.
The company is targeting production capacity of up to 5,000 vehicles annually in the next six years, with initial deliveries of the M-Series to Gleneagles Hotel and Denbighshire Council having taken place this year.
The funding comes as global industries face increasing pressure to decarbonise operations, with mining alone responsible for 4-7% of all global emissions.
“While passenger vehicle electrification has advanced rapidly, commercial all-terrain vehicles have remained largely diesel-dependent despite their intensive usage patterns and substantial carbon footprint,” said Munro EV.
“Munro’s M-Series offers an all-new vehicle to this underserved market, delivering the rugged performance these critical industries require while eliminating operational emissions.
“The vehicles demonstrate exceptional capability with a 1,000kg payload capacity and over 170 real world miles of range per charge, making them ideal for the demanding operational environments of mining sites, military applications, and construction projects.”
Russel Peterson, co-founder and CEO of Munro EV, said: “This investment validates the critical need for zero-emission solutions in heavy industry.”
“Mining companies, defence interests and construction firms are actively seeking alternatives to diesel-powered vehicles, both to meet sustainability targets and reduce operational costs.
“The M-Series delivers on both fronts without compromising the performance these industries demand …
“We provide a unique combination of capability, durability and sustainability which solves decarbonisation and vehicle role issues for a number of sectors.
“The UK Ministry of Defence plans to procure replacements for the Land Rover and Pinzgauer vehicles in its fleet under the Land Mobility Strategy and the Munro M-Series can meet those requirements while being more capable, quieter and cleaner.
“This is not a lifestyle vehicle that operators have to add robustness to with aftermarket parts or upgrade kits, this is a vehicle built from the ground up to be an off-road electric vehicle that will be operated in harsh environments.”