Munro, a Glasgow-based manufacturer of electric four-by-four vehicles, has secured an investment of £2m to accelerate production of its M-Series cars.
Founded in 2019, Munro was launched to apply the electrification trend seen in passenger vehicles to commercial all-terrain vehicles.
While passenger EV sales have risen greatly, the company notes commercial vehicles used in sectors such as mining, construction and defence are largely still diesel-dependent and therefore a significant source of carbon emissions.
With the M-Series of vehicles, Munro hopes to offer electric four-wheel drive cars that can offer the same capabilities of commercial vehicles.
“This investment validates the critical need for zero-emission solutions in heavy industry,”
said Russel Peterson, co-founder and chief executive of Munro EV.
“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.”
The investment came from Elbow Beach Capital, among other participants and will be used to expand its production capabilities at its Glasgow facility, recruit new staff and grow its sales and service network.
“Elbow Beach is proud to support Munro, a standout example of Scottish advanced manufacturing,” said Jonathan Pollock, co-founder and chief executive of Elbow Beach.
“Through its focused approach, Munro is delivering a capital-light solution that accelerates decarbonisation while driving meaningful commercial benefits for the real economy.”