Glasgow-based electric 4X4 manufacturer Munro Vehicles has received seed investment from Elbow Beach Capital, a private investment company focused on sustainable energy, transition technology and social impact businesses. Munro is targeting carbon-intensive industries such as mining, forestry and farming.
Munro has developed the first fully electric 4×4 designed and built in the UK.
It expects its Mark 1 to be production line ready later this year with first vehicle deliveries to be made in 2023.
Mark 1 is capable of carrying a 1,000kg payload and delivering a range of over 280 kilometres per charge.
Munro will deploy the proceeds of this round to hire key personnel, develop its order book and grow its sales network while building, testing and upgrading a ‘production intent’ prototype vehicle.
Further funds will be raised later this year to scale the production line, recruit assembly staff and complete first deliveries of pre-ordered vehicles.
Munro expects to meet demand of up to5,000 vehicles per year by 2030.
Russ Peterson, CEO of Munro, says: “We’re very excited to have Elbow Beach Capital’s support, particularly as we feel that their passion and enthusiasm matches our own. 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. 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.”
Jon Pollock, CEO of Elbow Beach Capital, comments: “We’re delighted to be helping to bring Munro to market. Elbow Beach Capital exists to identify and support companies challenging carbon-intensive industries and delivering practical solutions, Munro is a fantastic example of this. This is only just the start for Munro; we have seen the prototype in action and were incredibly impressed by its versatility and overall performance under challenging conditions – these will be fit for purpose all-terrain vehicles which just happen to be powered by electricity. With Mark 1 nearing production-readiness, 2022 is going to be an exciting year for the Munro team.”
Munro was established in 2019 with a mission to build the best all-terrain electric vehicle in the world.
Its team have developed a functional, reliable and affordable off-roader capable of carrying an on-board payload of 1,000 KG with over 280 kilometers of range.
Keyword: Scottish 4X4 EV Manufacturer Munro Vehicles Receives Backing From Social Impact Investor,