Munro, a Scottish company that makes all-electric 4×4 vehicles, secured £1M in additional funding from Elbow Beach Capital. The company plans to use the money to grow its operations and development. Munro, founded in 2019 by Russell Peterson and Ross Anderson, provides all-electric 4×4 vehicles for both commercial and private use. The company also revealed that it has finished its first production model, the all-electric Series-M 4×4 Utility, and that it has a global customer pipeline worth £68m. The company aims to produce 50 vehicles by mid 2024 and then move to a new site near Glasgow later that year. The company expects to create 300 new jobs and increase its production to 2,500 units per year by 2027.
Munro has entered into an exclusive deal with Jakob Mining Vehicles (JMV) worth more than £50m to supply 900 vehicles over five years, tailored to the mining industry’s needs. The Munro Series-M will help JMV to switch to electric power and lower its carbon emissions. JMV’s large team of technicians and logistics network will assist in modifying the Series-M vehicles, which will work in some of the toughest conditions in Europe, where temperatures can drop to -350C. The first vehicle delivery is scheduled for Q1 2024.
Munro has also agreed to provide 30 vehicles to UK civil engineering contractor, Morgan Sindall Infrastructure. The delivery is expected to start in Q1 2024.