Battle Motors, formerly Crane Carrier Company (CCC), announced it 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.
Since acquiring CCC in 2021, the company has grown production throughput its Ohio manufacturing facility from [less than] one truck per day to its current daily throughput of [approximately] six trucks per day through increased automation, expanded floorspace to 325,000 square-feet, and nearly tripling its workforce to 300 employees.
“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,” said COO Cody Boggs.
Battle Motors also announced its FMVSS certification for its EV truck line. Along with the EV rollout, Battle Motors has developed a “Smart Cab” platform, which has Advanced Driver-Assistance Systems (ADAS) and a proprietary connectivity software system, RevolutionOS, designed to deliver data to drivers and fleet managers for enhanced safety, efficiency, and security.
Battle Motors is delivering its Class 8 severe-duty electric truck to refuse customers. The company serves over 750 municipal customers through 180 dealers in more than 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,” said 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.