Battle Motors Announces $150 Million Series B Capital Raise
NEW PHILADELPHIA, Ohio & LOS ANGELES–(BUSINESS WIRE)–Battle Motors, formerly Crane Carrier Company (CCC), has completed a Series B investment round with $150 million in new growth capital from a leading global institutional investor. This fundraising follows a $120 million Series A funding round announced in December 2021. “We validated our strategic growth initiatives and attractive industry fundamentals while identifying additional market opportunities,” said Michael Patterson, CEO of Battle Motors.
Battle Motors has executed on its expansion plans and promises to lead the electrification of the professional fleet truck industry since acquiring CCC in 2021. Since then, the company has increased production throughput at its plant by ohio manufacturing [less than] 1 truck per day at its current daily rate of [approximately] 6 trucks per day through increased automation, expanded floor space to 325,000 square feet and nearly tripled its workforce to 300 employees. Additionally, Battle Motors bolstered its management team with several hires of industry veterans, expanded its dealer network, and successfully gained market share in North America.
The pursuit of daily continuous improvement across the company gave Battle Motors the opportunity to increase production in its legacy footprint while construction was still underway. “Challenging ourselves to learn from adversity and be better every day has built the exceptional team needed to achieve all of our goals. Now we have the manufacturing facility to match,” says Cody Boggs, Chief Operating Officer.
Developing and bringing to market a reliable, heavy-duty EV (electric vehicle) truck has been central to Battle Motors’ strategy and the company is pleased to announce FMVSS certification for its line of EV trucks. Complementing the deployment of electric vehicles, Battle Motors has developed its innovative “Smart Cab” platform which includes advanced driver assistance systems (ADAS) and a proprietary connectivity software system, RevolutionOS™, designed to provide actionable data to drivers and fleet managers for increased safety. , efficiency and safety. Battle Motors now delivers its Class 8 heavy-duty electric truck to refuse customers and serves more than 750 municipal customers through 180 dealerships at more than 320 locations in the United States and Canada.
“Receiving FMVSS certifications and moving into production on our first EV model validates our team’s perseverance in creating breakthrough innovations and expanding our EV capabilities allows us to create even more disruptive technologies to deliver to the market,” says CTO Kelleigh Ash.
Proceeds from this capital increase will be used to increase production throughput to 16 trucks per day, fill existing backlog, expand electric vehicle manufacturing capabilities and general business needs.
BTIG, LLC served as financial advisor to Battle Motors in connection with the capital raise.
ABOUT BATTLE ENGINES
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 industry leader in professional trucks, providing work-ready diesel, clean natural gas (CNG) and now EV chassis designed and manufactured in North America for the waste and recycling markets. Battle Motor’s durable and reliable trucks are designed to excel in a multitude of applications that now include mid- and last-mile delivery. CCC has been manufacturing utility vehicles for 76 years and is based in New Philadelphia, Ohio. www.battlemotors.com