Orange EV Secures $100 Million To Scale Electric Fleet Infrastructure

Orange EV has secured a $100 million revolving credit facility to bolster its electric fleet infrastructure. Led by Wells Fargo Bank, the senior secured financing strengthens the company's balance sheet and increases liquidity. Orange EV plans to utilize the capital for working capital and further business expansion, particularly in its rental and leasing platform.

The manufacturing of fully electric terminal trucks for ports and logistics facilities is the company's core business, with vehicles designed for demanding yard operations across North America. These vehicles have logged over 36 million miles of operation. The new financing, provided by Wells Fargo, aligns with Orange EV's growth strategy and focuses on its OptiGrid subsidiary.

OptiGrid develops battery-integrated fast charging solutions for electric vehicles, addressing the challenge of limited utility capacity for new charging infrastructure. By integrating batteries, OptiGrid's technology can significantly reduce deployment barriers, moving installations from months to days or weeks. Orange EV is increasing production of its OptiGrid battery-integrated charger, which can support fleet operations without major infrastructure expansion.

The charging system caters to electric vehicles across various commercial applications. Orange EV has tripled production during the current growth period, targeting one in four newly purchased or leased yard trucks. Major orders and expanding charging infrastructure have fueled this expansion. Recent customer activity, including an order for 40 trucks from APM Terminals in California and the deployment of its 2,000th electric terminal truck, has strengthened Orange EV's growth trajectory.

The expanded liquidity will support the company's record growth, enabling production expansion, rental services, and increasing charger demand. Orange EV currently operates in 43 US states, Canada, and the Caribbean, with customers including ports, rail yards, and logistics facilities. The company manufactures its vehicles in Kansas City, Kansas, and provides an electrification solution that includes electric trucks, charging systems, and on-site service.