Munro EV, the Glasgow-based electric 4X4 manufacturer, says it has secured £2 million ($2.7 million) in fresh funding from investors that will accelerate production of Munro’s M-Series vehicles, specifically designed for the demanding requirements of mining, defence and construction industries.
Munro’s M-Series offers an all-new vehicle to this under-served market, delivering the rugged performance these critical industries require while eliminating operational emissions, the company says. The vehicles have a 1,000 kg payload capacity and over 170 real world miles of range per charge, making them ideal for the demanding operational environments of mining sites, military applications and construction projects, according to the company.
A Munro spokesperson previously told IM that these trucks were already being used in both UK mines and some in northern Europe.
The £2 million investment will enable Munro to significantly scale its Glasgow production facility to service the current customers orders worth £17 million, which is expected to create up to 300 new manufacturing jobs. The company is targeting production capacity of up to 5,000 vehicles annually in the next six years.
“This investment validates the critical need for zero-emission solutions in heavy industry,” Russel Peterson, co-Founder and CEO of Munro EV, says. “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 funding will be deployed across several key areas:
- Expanding production line capacity at the Glasgow facility;
- Recruiting additional assembly and engineering staff;
- Developing industry-specific vehicle configurations; and
- Growing the sales and service network across target sectors.
