Glasgow-based electric 4X4 manufacturer Munro Vehicles has received £750,000 in seed investment from Elbow Beach Capital, a private investment company focused on sustainable energy, transition technology and social impact businesses.
Munro is known for having developed a fully electric 4×4, which was tested and is to be built in the UK. Production of the ‘Mark 1′ is expected to start later this year with first vehicle deliveries to be made in 2023. The Mark 1 is said to be capable of carrying a payload up to 1,000kg and features a range of over 280 kilometres per charge. Munro expects to manufacture up to 5,000 vehicles per year by 2030.
“This investment is beneficial for the local economy and will allow us to source as many of our parts from within the UK as possible, cutting down on carbon emissions from shipping,” said Russ Peterson, CEO of Munro, adding: “We have a huge job ahead of us to take the Mark 1 to production but with Elbow Beach’s backing we feel empowered to make it happen.”
Munro states that the proceeds from the funding round will be used to hire key personnel, develop Munro’s order book and grow its sales network while building, testing and upgrading a ‘production intent’ prototype vehicle. Later this year, additional funds are to be raised to scale the production line, recruit assembly staff and complete the first deliveries of pre-ordered vehicles.
Munro said it expects to be cash flow positive by 2025, which would allow for an international rollout of its vehicles thereafter.
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