Listen to this article
Reading time: 2 minutes
Glasgow-based electric 4×4 builder Munro Vehicles received seed investment from Elbow Beach Capital, a private investment firm focused on sustainable energy, transitional technologies and social impact businesses. Munro targets carbon-intensive industries such as mining, forestry and agriculture.
Munro has developed the first fully electric 4×4 designed and built in the UK.
It expects its Mark 1 production line to be ready later this year, with first vehicle deliveries due in 2023.
Mark 1 is capable of carrying a payload of 1,000 kg and providing a range of over 280 kilometers per charge.
Munro will use the proceeds from this round to hire key personnel, grow its backlog, and grow its sales network while building, testing, and improving a “production-ready” vehicle prototype.
Additional funds will be raised later this year to upgrade the production line, hire assembly staff and make the first deliveries of pre-ordered vehicles.
Munro expects to meet a demand of up to 5,000 vehicles per year by 2030.
Russ Peterson, CEO of Munro, says: “We are thrilled to have the support of Elbow Beach Capital, especially as we believe their passion and enthusiasm matches ours. This investment benefits the local economy and will allow us to source as many parts as possible from the UK, reducing carbon emissions from shipping. We have a huge job ahead of us to get the Mark 1 into production, but with the support of Elbow Beach, we feel empowered to make it happen.
Jon Pollock, CEO of Elbow Beach Capital, comments: “We are excited to help bring Munro to market. Elbow Beach Capital exists to identify and support companies that challenge carbon intensive industries and offer practical solutions, Munro being a fantastic example. This is just the beginning for Munro; we saw the prototype in action and were incredibly impressed with its versatility and overall performance in harsh conditions – they’ll be fit-for-purpose off-road vehicles that happen to be powered by electricity. With Mark 1 almost ready for production, 2022 is going to be an exciting year for the Munro team.
Munro was established in 2019 with a mission to build the best off-road electric vehicle in the world.
His team has developed a functional, reliable and affordable off-roader capable of carrying an on-board payload of 1,000 KG with over 280 kilometers of range.