Betting big on the need to decarbonise vehicle fleets within the mining, forestry and agriculture industries, Glasgow-based electric 4X4 manufacturer Munro Vehicles has vroomed in with £750,000 investment from social impact investor Elbow Beach Capital.
The London-based impact investment company had recently launched a venture vehicle with an initial £20 million of committed capital to focus on decarbonisation, sustainable energy, and social impact opportunities.
The startup will use the funding 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 the first deliveries of pre-ordered vehicles.
With over 220,000 farms and 2,000 active mines in the U.K. alone, all-terrain vehicles to carry out daily operations can be a huge gamechanger. While the electrification of passenger cars has received significant investment in recent years, commercial 4X4 vehicles have been largely ignored despite the substantial carbon emissions being generated by these vehicles as a result of low fuel efficiency and reliance on diesel.
Tackling the issue, Munro has developed a fully electric 4x4 designed and built in the U.K. Having undergone considerable off-road testing, Munro expects its Mark 1 to be production line ready later this year with first vehicle deliveries to be made in 2023. According to the startup, Mark 1, the vehicle can carry a 1,000kg payload and deliver a range of over 280 kilometres per charge.
Going forward, Munro plans to rollout 5,000 vehicles per year by 2030.
Russ Peterson, CEO, Munro said: “This investment is beneficial for the local economy and will allow us to source as many of our parts from within the U.K. as possible, cutting down on carbon emissions from shipping.”
Jon Pollock, CEO, Elbow Beach Capital, added: “We want to bring Munro to the market. We identify and support companies challenging carbon-intensive industries and delivering practical solutions and Munro is a fantastic example of this.”