EV Trucking Leader Orange EV Raises $35 Million to Scale

Orange EV electric truck 6 photos
Photo: Orange EV
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While gas prices are going down at the moment, the aggressive global push towards electrification won’t stop anytime soon. That includes the trucking industry, too – and one important player has just made a significant jump towards scaling its efforts.
According to the North American Council for Freight Efficiency, electric yard trucks are one of the best solutions that fleets can implement towards taking better care of the environment. That’s where Orange EV comes in.

With the most zero-emission trucks in operation in the United States – 450 heavy duty electric yard trucks operating in 130 fleets across 28 states – Orange EV’s trucks have surpassed 5.8 million miles and 1.7 million hours of operation as of July 2022, working in all sectors of container handling operations.

Now the company has closed a $35 million institutional funding round led by S2G Ventures and CCI, an affiliate of Henry Crown and Company.

With this funding, Orange EV will be able to further scale its impact through continued investment in manufacturing to meet the demand […], as well as advance R&D to develop and deliver other products,” said Kurt Neutgens, Orange EV Co-founder, President, and CTO.

Not only is Orange EV building new electric yard trucks from the ground up, but the company can also convert trucks that currently run on diesel into pure electric ones, through their Remanufacturing process (aka “conversion” or “repower”).

While EVs are far from perfect, when it comes to yard trucks, ditching diesel engines and opting for pure electric alternatives comes with many benefits. Besides the permanent reduction of emissions, companies can reduce wasted fuel costs attributed to idle times, while almost completely avoiding downtime and maintenance costs.

Orange EV’s trucks have a lower total cost of ownership than diesel, give their customers a tangible way to lower their carbon footprint, and dramatically improve their drivers’ experience,” said Stephan Feilhauer, Managing Director, Clean Energy at S2G Ventures.
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