Startup electric truck manufacturer Zeus Electric Chassis Inc. has closed on $6.25 million in the first part of a planned $12.5 million Series A round.
The White Bear Lake-based company plans to use the funding to increase its manufacturing capabilities, build out its sales offerings and hire product and field support teams, the company's chief revenue officer Bill Brandt told Minne Inno. Zeus Electric Chassis makes heavy-duty electric work trucks, which can be designed to customer specifications and can support different vehicle bodies and cabins. The vehicles run on lithium-ion batteries, like those made by Tesla.
The company also has plans to build out its roadmap for future offerings, like a new cab design that's more conducive for buses or ambulances.
North Carolina-based Carolina Financial Securities led the round.
Brandt said Zeus plans to deliver its first five vehicles to its first customer, the Sacramento Municipality Utility District, in November. The company hasn't settled on exactly how many it'll hire coming out of its Series A raise, but Brandt said the delivery of the vehicles to SMUD will require a field support crew.
The company also hopes to benefit from grants offered by the Minnesota Pollution Control Agency that can help organizations put money toward replacing diesel vehicles with electric heavy duty vehicles, Brandt said. MPCA received $47 million in total after Volkswagen Corp. was found to have violated air pollution standards.
Zeus will host a couple of webinars this month to discuss the grants, Brandt said.
