Munro Raises £1M in Funding for All-Electric Vehicles
Munro, a Scottish manufacturer of all-electric 4×4 vehicles, recently announced that it has raised £1M in Follow-on funding. This round of funding was led by Elbow Beach Capital and will be used to expand the company's operations and development efforts. Munro, founded in 2019 by Russell Peterson and Ross Anderson, offers all-electric vehicles to both commercial and private customers. The company also revealed that it has completed its first production model, the all-electric Series-M 4×4 Utility, and has secured a global customer pipeline worth £68m.
The production car company has ambitious plans for growth.
It aims to build 50 vehicles by the middle of 2024 and then transition to a new purpose-built site near Glasgow later in the year. This expansion will result in the creation of 300 new jobs. Following a strategic roadmap, Munro plans to deliver 2,500 units annually by 2027. To facilitate this growth, the company has entered into an exclusive partnership with Jakob Mining Vehicles (JMV). Under the agreement, JMV will provide Munro with 900 vehicles over the next five years, designed specifically for the mining industry's demanding needs. This partnership will enable JMV to electrify its operations, reducing its carbon footprint in the process.
In addition to the partnership with JMV, Munro has also signed an agreement with UK civil engineering contractor, Morgan Sindall Infrastructure. The agreement involves the purchase of 30 Munro vehicles, with shipping expected to begin in the first quarter of 2024. With these partnerships and the completion of its first production model, Munro is well-positioned for growth and success in the all-electric vehicle market.
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