Lunaz completes next funding round and unveils first upcycled industrial EV

Lunaz recently announced the closing of an investment round that valued the business at $200 million (USD). Established in 2018, this confirms the company’s status as one of the UK’s fastest-growing companies.

This growth capital is funding the establishment of the UK’s largest remanufacturing and electrification facility adjacent to the company’s current HQ in Silverstone, UK.

This takes Lunaz’ total manufacturing footprint to 210,000 sq/ft making it the largest company within the globally renowned Silverstone Technology Cluster by space and employees.

The new HQ for Lunaz Applied Technologies (LAT) will be a state-of-the-art engineering, design and production hub for the manufacture of upcycled electric vehicles (UEVs) for industrial applications.

This starts with the introduction of electrified and re-engineered refuse trucks.

This is the first of many upcycled Lunaz products that will be built on the Mercedes-Benz Econic platform, one of the world’s most popular vehicles for specialist industrial uses, including for airport services vehicles, construction site logistics, waste management and fire and rescue.

Vehicles in this class (5,6,7 and 8) represent a total addressable market, primed for upcycling and electrification, of 80 million existing units in the UK, EU and US alone.

The company has already signed fleet electrification agreements with major councils and private entities in the UK and US and will be moving ahead to full market entry in 2023.

David Lorenz, Founder, Lunaz , said: “We are proud to stand amongst some of the fastest growing companies in the UK. By upcycling and electrifying industrial vehicles at scale, millions of tonnes of embedded carbon is saved by dramatically extending the usable life of thousands of vehicles that would otherwise be scrapped. By applying this approach to public sector vehicles like refuse trucks we deliver a result that is better for the taxpayer and better for the planet.”

Image: courtesy Lunaz

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