Orange EV, the Riverside startup that makes electric-driven terminal trucks, is on the move again and adding to its staff and financial backing.
The company is filling the first orders for its trucks, which pull loads of freight around such places as railroad yards, warehouses and distribution centers. To do that, its staff is expected to more than double by year’s end to 15 and move to a new plant, also in Riverside, that’s six times the size of its original headquarters.
Orange EV also announced today Wednesday that it had received a $150,000 investment from the Missouri Technology Corp., a public-private partnership created by the General Assembly to promote entrepreneurship and high-tech growth.
Terminal trucks usually run on diesel, but Orange EV says using its electric motors instead offers substantial savings on fuel and maintenance, in addition to reducing pollution.
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Orange EV’s chief executive officer, Wayne Mathisen, said in a company release: “The matching equity investment from MTC, as part of our current round of fundraising, helps us provide additional near-term production capacity as our customers ramp up use of our electric trucks. Our company is already bringing new technology jobs to the state of Missouri, and we’re looking forward to continued growth.”