Today sees Elbow Beach Capital announce a further £1 million investment in Munro Vehicles, a manufacturer of all-electric 4x4 vehicles and Scotland’s only volume production car company.
In March, Elbow Beach Capital launched a venture vehicle with an initial £20 million of committed capital.
Munro Vehicles was founded in 2019 and 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 Munro is cleverly engineered to be simple and low-cost to maintain, with the extensive use of existing components.
The company has secured over £68 million in customer pipeline, including 900 vehicles over the next five years, with the adaptation of its Series-M vehicles, which will operate in some of the harshest environments in Europe where temperatures can reach lows of -350C.
It has also signed a contract with UK civil engineering contractor Morgan Sindall Infrastructure for 30 vehicles.
The first vehicle delivery is expected in Q1 2024.
The investment brings Elbow Beach’s commitment to Munro to over £1.7 million.
Elbow Beach Capital CEO, Jon Pollock, commented:
“This is a huge achievement for Munro. The company has achieved significant scale-up progress over the last 12 months, which is reflected in a material customer pipeline and orders.
There is a notable gap in the market for high-quality, durable, off-road electric 4x4 vehicles for demanding industries and the completion of the Series-M Utility positions Munro as the go-to provider of 4x4s for big sectors such as mining, construction, and agriculture.”
Russell Peterson, Munro CEO and co-founder, said:
“Munro’s roadmap will enable it to capitalise on its global market opportunity while significantly contributing to the Scottish economy. Munro appreciates Elbow Beach Capital's support in helping us scale.”
Lead image: Munro. Photo: uncredited.
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