Battle Motors Raises $120 Million in Growth Capital to Increase Production
Battle Motors acquired Crane Carrier Company, a 75-year-old manufacturer of diesel and CNG refuse and heavy-duty trucks based in New Philadelphia Ohio in early 2021. The company serves over 750 municipal customers through 180 dealers in over 320 locations across the United States and Canada. Battle has since added multiple high-performance, fully electric trucks to the portfolio.
Michael Patterson, CEO of Battle Motors said, "when we acquired CCC earlier this year, it was not our intent to simply take part in the electrification of the refuse truck market, our intent was, and is, to offer a superior product and dominate the market. This capital raise enables us to execute our EV strategy, significantly ramp up our production capacity, offer better prices to our customers and dramatically increase our market share."
Battle Motors is leading the EV charge with an elegantly designed powertrain in conjunction with world class US powertrain partners. In addition, Battle Motors is including a "Smart Cab," with enhanced Advanced driver-assistance systems (ADAS) and state-of-the-art tablets to provide additive services and safety features for our customers.
Proceeds from the raise will be used for the Q1 completion of the manufacturing facility in Ohio growing production space from 150,000 square feet to 350,000 square feet, working capital and adding workforce and machines to increase production.
BTIG, LLC served as sole placement agent to Battle Motors in connection with the offering. Orrick Herrington & Sutcliffe LLP served as legal advisor.