Commercial EV manufacturer Superlight has raised $21 million in an oversubscribed Series A funding round, bringing the company’s total funding to $33 million. Superlight will use the new capital to complete its UK manufacturing facility, fulfill initial sales in the UK and EU, and provide federalized vehicles for customer testing and US market entry.
Superlight is developing an EV to serve the middle-mile logistics market, which involves transporting goods between regional distribution centers and local sorting facilities. The company’s OV-1 is a clean-sheet EV based on a modular, customizable platform.
Superlight’s team includes alumni of Bentley, DENSO, Porsche and Microsoft. The company has accumulated more than 500,000 kilometers of powertrain testing, including commercial pilots of the OV-1 in the UK with e-commerce and ground handling providers.
“Our purpose-built EV platform enables performance and safety advantages that can’t be duplicated by retrofitting electric powertrains into legacy trucks,” said Noamaan Siddiqi, co-founder and CEO of Superlight. “By harnessing the inherent advantages of electric propulsion and software-centric manufacturing, we’re changing the economics of commercial EVs. Unlike many manufacturers, Superlight owns the entire chain of designing, building and delivering its EVs, allowing us to continually optimize vehicle features, innovation and efficiency.”
“Superlight is working to modernize commercial trucks, a part of the transportation industry that has seen little innovation in decades,” said Israel Ruiz, President and General Partner at investor Engine Ventures. “By replacing legacy manufacturing and vehicle architecture, the company has an opportunity to improve performance, safety, efficiency and operating costs for brands, fleet owners and transport companies.”
Source: Superlight
