ELBOW Beach Capital, a decarbonisation, sustainability and social impact investor, has announced a £1 million follow-on investment in Munro Vehicles, a manufacturer of all-electric 4×4 vehicles and Scotland’s only volume production car company.
The investment takes Elbow Beach’s commitment to Munro to over £1.7 million.
Munro Vehicles recently completed its first production model, the Series-M 4×4 Utility, just 12 months after the company unveiled its first prototype model. Munro has secured a £68m+ customer pipeline and received vehicle orders from Jakob Mining Vehicles and Morgan Sindall Infrastructure.
The company’s forthcoming production model debut is said to mark the return of light vehicle production to Scotland for the first time since the closure of the Linwood car plant in 1981.
Elbow Beach Capital CEO, Jon Pollock, said, “This is a huge achievement for Munro. The company has achieved significant scale-up progress over the last 12 months, which is reflected in a material customer pipeline and orders. There is a notable gap in the market for high quality, durable, off-road electric 4×4 vehicles for demanding industries and the completion of the Series-M Utility positions Munro as the go-to provider of 4x4s for big sectors such as mining, construction, and agriculture.
“Elbow Beach is committed to supporting businesses that revolutionise industries and Munro is an excellent example of our thesis. We are looking forward to seeing the first production model roll off the production line in Scotland in the new year and look forward to continuing to support Munro over the next stages of their growth.”
Munro has signed a partnership with Jakob Mining Vehicles (JMV) to provide the company with 900 vehicles over the next five years – all designed specifically for the mining industry’s needs. The Munro Series-M will enable JMV to electrify its operations and reduce carbon footprint. The first vehicle delivery is expected in Q1 2024.
Munro has also signed an agreement with civil engineering contractor, Morgan Sindall Infrastructure, for 30 vehicles. Shipping is expected to begin in Q1 2024.
The roll-out of the Series-M Utility signifies the next phase of Munro’s vision to expand its production facilities and grow its workforce, bringing 300 new jobs by 2027. Achieving scale-up will allow Munro to increase production capacity with a view to producing 5,000 units by 2027.
Russell Peterson, Munro CEO and co-founder, added, “Munro’s roadmap will enable it to capitalise on its global market opportunity whilst also making a significant contribution to the Scottish economy. Munro appreciates the support of Elbow Beach Capital in helping us to scale.”
