Glasgow-based electric 4X4 manufacturer Munro EV has secured £2 million in funding from investor Elbow Beach alongside other parties.
The investment aims to accelerate production of Munro’s M-Series vehicles, specifically designed for the demanding requirements of mining, defence and construction industries.
The firm said that the funding comes as global industries face increasing pressure to decarbonise operations, with mining alone responsible for 4-7% of all global emissions. While passenger vehicle electrification has advanced, commercial all-terrain vehicles have remained largely diesel-dependent, despite intensive usage patterns and substantial carbon footprint, Munro EV added.
Munro’s M-Series offers an all-new vehicle to this underserved market, delivering performance the critical industries require while eliminating operational emissions, it claimed. The vehicles have a 1,000kg payload capacity and more than 170 real world miles of range per charge.
The £2m investment will enable Munro to scale its Glasgow production facility to service the current customers orders worth £17m, which is expected to create up to 300 new manufacturing jobs.
The company is targeting production capacity of up to 5,000 vehicles annually in the next six years, with initial deliveries of the M-Series to Gleneagles Hotel and Denbighshire Council having taken place this year.
JP co-founder and CEO of Elbow Beach, said:
“Elbow Beach is proud to support Munro, a standout example of Scottish advanced manufacturing.
“Through its focused approach, Munro is delivering a capital-light solution that accelerates decarbonisation while driving meaningful commercial benefits for the real economy.”
Russel Peterson, Co-founder and CEO of Munro EV, said:
“This investment validates the critical need for zero-emission solutions in heavy industry. Mining companies, defence interests and construction firms are actively seeking alternatives to diesel-powered vehicles, both to meet sustainability targets and reduce operational costs. The M-Series delivers on both fronts without compromising the performance these industries demand.
“We provide a unique combination of capability, durability and sustainability which solves decarbonisation and vehicle role issues for a number of sectors. The UK Ministry of Defence plans to procure replacements for the Land Rover and Pinzgauer vehicles in its fleet under the Land Mobility Strategy and the Munro M-Series can meet those requirements while being more capable, quieter and cleaner.
“This is not a lifestyle vehicle that operators have to add robustness to with aftermarket parts or upgrade kits, this is a vehicle built from the ground up to be an off-road electric vehicle that will be operated in harsh environments.”
Image courtesy of Munro EV
