Orange EV secures $100M credit facility with Wells Fargo to fuel yard electrification growth

● 2 days ago

Orange EV, a US manufacturer of zero-emissions terminal trucks, has secured a $100 million revolving credit facility led by Wells Fargo Bank. The senior secured facility will strengthen the company's balance sheet and provide liquidity for working capital, expansion of its OptiGrid subsidiary, and growth of its rental and leasing platform.

OptiGrid develops battery-integrated fast charging solutions that enable rapid deployment of charging infrastructure without costly utility upgrades. The technology can compress deployment timelines from months or years to days or weeks.

CEO Kurt Neutgens said the company is on track for one in four new yard trucks purchased or leased to be an Orange EV vehicle. The firm has tripled production and recently deployed its 2,000th electric terminal truck, with a recent order for 600 units.

Source: morningstar.com

Orangeev

Riverside, United States