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December 20, 2023

Elbow Beach Capital Fuels Munro Vehicles with £1 Million Investment

Elbow Beach Capital takes the driver's seat, revealing a new £1 million investment in Munro Vehicles

In a significant stride towards sustainable off-road mobility, Elbow Beach Capital proudly announces a fresh injection of £1 million into Munro Vehicles, Scotland's only volume production car company specializing in the creation of robust all-electric 4x4 vehicles. This bold move marks yet another milestone in Elbow Beach Capital's commitment to driving innovation and environmental consciousness within the automotive industry.

Today's announcement signals a robust endorsement of Munro Vehicles, as Elbow Beach Capital deepens its investment by an additional £1 million. This financial backing underscores Elbow Beach Capital's belief in Munro's vision to redefine off-road mobility with all-electric 4x4 vehicles.

Founded in 2019, Munro Vehicles has emerged as a trailblazer in the realm of electric off-road vehicles. The company is set to roll out 50 vehicles by mid-2024, with ambitious plans to transition to a purpose-built facility near Glasgow later in the year. This expansion is not just about vehicles; it's a commitment to job creation, with the promise of 300 new positions.

Munro Vehicles is not just building vehicles; it's crafting a future. With a strategic roadmap in place, the company aims to hit a production target of 2,500 units annually by 2027. The Munro, engineered for simplicity and cost-effectiveness, is designed to thrive in some of the most challenging environments in Europe, including temperatures as low as -35°C.

The company has already secured a robust customer pipeline exceeding £68 million, with orders for 900 vehicles over the next five years. Munro Vehicles has inked a significant deal with UK civil engineering contractor Morgan Sindall Infrastructure, securing an order for 30 vehicles. The first batch of vehicles is slated for delivery in Q1 2024, marking a pivotal moment for the company.

Elbow Beach Capital CEO, Jon Pollock, lauded Munro Vehicles' progress, stating, "This is a huge achievement for Munro. The company has achieved significant scale-up progress over the last 12 months, reflected in a material customer pipeline and orders." He emphasized the market need for high-quality, durable, off-road electric 4x4 vehicles and positioned Munro as a key player in industries such as mining, construction, and agriculture.

Russell Peterson, Munro CEO and co-founder, expressed gratitude for Elbow Beach Capital's ongoing support, highlighting Munro's roadmap to capitalize on global market opportunities while contributing significantly to the Scottish economy.

The synergy between Elbow Beach Capital and Munro Vehicles not only marks a substantial investment but also sets the stage for a future where sustainable, off-road mobility takes center stage, driving innovation and job creation in the heart of Scotland.

Josefina Dipaolo
Josefina Dipaolo
Content writer at TechNews180
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