Glasgow-based electric vehicle manufacturer Munro EV has secured £2 million in fresh funding from existing investor Elbow Beach and other backers to accelerate production of its all-electric M-Series vehicles.
The investment will support the scaling of its manufacturing facility, helping the company fulfil £17.3 million worth of customer orders while creating up to 300 new jobs in Scotland’s growing green manufacturing sector.
With the new investment injection, the firm is targeting 5,000 vehicles annually over the next six years as their production capacity. The firm has already delivered its M-Series to the Denbingshire Council and the Gleneagles Hotel this year.
Munro EV is also currently recruiting staff in its assembly and engineering departments.
“This investment validates the critical need for zero-emission solutions in heavy industry,“ Russel Peterson, co-founder and chief executive of Munro EV, said.
“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.”
The M-series vehicles have 170 ‘real world’ miles of range per charge, and have a 1,000kg payload capacity, the company says.
Peterson added: “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.”
Jon Pollock, chief executive of Elbow Beach, commented: “Through its focused approach, Munro is delivering a capital-light solution that accelerates decarbonisation while driving meaningful commercial benefits for the real economy.”