Munro, a Scottish manufacturer of all-electric 4×4 vehicles, raised £1M in Follow-on funding.
The round was led by Elbow Beach Capital.
The company intends to use the funds to expand operations and its development efforts.
Founded in 2019 by Russell Peterson and Ross Anderson, Munro offers all-electric 4×4 vehicles for commercial and private customers. Munro Vehicles also announced the completion of its first production model, the all-electric Series-M 4×4 Utility and that a £68m global customer pipeline has been secured. The production car company will build 50 vehicles by mid 2024 before transitioning to a new purpose-built site near Glasgow later in the year. With the creation of 300 new jobs, production will be ramped up following a strategic roadmap to deliver 2,500 units annually by 2027.
The company has signed an exclusive partnership with Jakob Mining Vehicles (JMV) in an agreement worth >£50m to provide the company with 900 vehicles over the next five years all designed specifically for the mining industry’s demanding needs. The Munro Series-M will enable JMV to electrify its operations and reduce its overall carbon footprint. JVM’s extensive team of technicians and logistics infrastructure will support the adaptation of the Series-M vehicles which will operate in some of the harshest environments in Europe where temperatures can reach lows of -350C. The first vehicle delivery is expected in Q1 2024.
Munro has also signed an agreement with UK civil engineering contractor, Morgan Sindall Infrastructure, for 30 vehicles. Shipping is expected to begin in Q1 2024.
FinSMEs
02/01/2024