Munro Vehicles secures £750,000 funding from Elbow Beach Capital
Glasgow-based electric 4x4 manufacturer Munro Vehicles has secured £750,000 funding from Elbow Beach Capital, the decarbonisation, sustainability and social impact investor.
Elbow Beach Capital believes a considerable opportunity exists to decarbonise vehicle fleets within the mining, forestry and agriculture industries.
Munro has developed the first fully electric 4x4 designed and built in the UK. Having undergone considerable off-road testing, Munro expects its Mark 1 vehicle to be production line ready later this year with the first vehicle deliveries to be made in 2023. Mark 1 demonstrates impressive off-road performance and reliability, with the vehicle 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.
Once the production line is at full capacity, Munro expects to meet the demand of up to 5,000 vehicles per year by 2030. Munro expects to be cash flow positive by 2025, which will allow for an international rollout of its vehicles.
Jon Pollock, CEO of Elbow Beach Capital, commented: “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.”
Russ Peterson, CEO of Munro, added: “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 has joined Munro’s board of directors as a representative of Elbow Beach Capital with immediate effect.