Evolectric Gears Up for a Potential $15 Million Investment from Seismic Capital Company to Accelerate Fleet Electrification
Los Angeles, CA – September 12, 2023 – In an exciting turn of events for the electric vehicle (EV) industry, Evolectric, the cutting-edge EV technology company based in Long Beach, California, has announced intention to secure a substantial investment.
Seismic Capital Company is poised to invest $15 million in Evolectric, setting the stage for a potential game-changing partnership. Below, we delve into Seismic’s press release, exploring the possibilities and opportunities this investment could bring to the world of EVs, particularly Circular Electric Vehicles (CircularEV™).
Potential for a Significant Boost for Evolectric’s CircularEV™ Mission
Evolectric has been a rising star in the electric vehicle sector, with a clear vision to transform commercial fleets into eco-friendly CircularEVs, which combine advanced and Smart-EV technology with Circular Economy principles.
These EVs are even better for the environment, as they eliminate tail-pipe emissions while saving resources compared to building new vehicles. CircularEV’s reduce waste and lifetime carbon footprint by upcycling existing vehicles.
Evolectric’s expertise in electrified transportation and battery technologies has already been making waves, and the recent announcement of Seismic’s potential investment is a testament to their commitment to accelerating fleet electrification.
The potential $15 million investment signifies a substantial vote of confidence in Evolectric’s capabilities and mission. This injection will fuel the company’s growth and innovation in CircularEVs and circular economy practices. As they work towards converting fuel-guzzling and polluting commercial fleets into CircularEVs, this investment would be the catalyst they need to make a significant impact in the industry.
Exploring Seismic’s Comprehensive Support for CircularEV™ Solutions
This partnership goes beyond the financial investment and includes an array of support that Seismic is offering to Evolectric. The Seismic Solution, comprising administrative services such as human resources, benefits, accounting, and legal support, will free up Evolectric’s resources to focus on what they do best – developing cutting-edge CircularEV™ technology and accelerating the CircularEV™ conversion process. This comprehensive support would enable Evolectric to scale rapidly and efficiently, revolutionizing the industry at an even faster pace.
“We are extremely impressed with Evolectric’s nimbleness in assembling its advanced technology and production team to build its circular EV business,” said Eric White, President and Chief Investment Officer at Seismic Capital Company. “The combination of Seismic’s investment banking and transportation experience will help Evolectric enter the next stage of its growth and navigate the complex regulatory environment to meet emissions standards.”
A Vision for a Greener Future
The collaboration between Evolectric and Seismic aligns with a shared vision for a greener, more sustainable future driven by CircularEV’s. This crucial component promotes sustainable transportation and zero-emission circular economies that come into existence with a significantly smaller CO2 footprint.
Electric commercial vehicles are categorized into light, medium, and heavy-duty, which offer versatile solutions for various fleet needs. Governments around the world are implementing stringent emission regulations, which drive the adoption of EV trucks and buses by fleet owners. The appeal of EVs lies in their noise-free operation, zero emissions, and high efficiency, making them the preferred choice for environmentally-conscious fleet owners. Furthermore, governments in several developing nations are taking proactive initiatives to provide sufficient charging infrastructure for commercial EVs, facilitating a smooth change to electric and encouraging sustainable transportation practices well into the future.
“By focusing on existing vehicles, Evolectric avoids the supply chain, development, and validation bottlenecks. Scaling our electrification solutions ensures our customers can quickly meet their long-term zero-emission targets,” said Bill Beverley, Evolectric Co-Founder, Co-CEO, and CTO. “Software enhancements, such as vehicle-to-grid technology, will benefit our customers beyond the vehicle conversion.”
Scaling Up CircularEV™ Adoption for Global Impact
Evolectric’s ambitious goal of converting 10,000 CircularEVs each year by onboarding 100 garages, each converting 100 vehicles, is nothing short of remarkable. With their leadership in the cleantech innovation of CircularEV solutions, they are targeting a sizable share of the global electric commercial vehicle market, which, according to Allied Market Research report, was valued at $43.5 billion in 2021 and is projected to reach $558.4 billion by 2031, growing at a CAGR of 29.9% from 2022 to 2031. Their USP is a decentralized, low-CAPEX approach, resulting from their dedication to efficiency and sustainability within the circular economy framework.
“Partnering with Seismic will allow us to expand our lead in CircularEV™ solutions with our low-CAPEX, decentralized, train-the-trainer approach to electrifying trucking fleets,” said Jakson Alvarez, Evolectric Co-Founder, Co-CEO, and CFO. “Our customers will benefit from greater efficiencies, lower operating costs, and the latest smart EV technology.”
If the potential investment materializes, Evolectric would gain the financial backing needed to swiftly scale their operations and offer comprehensive CircularEV solutions to customers. The incorporation of software enhancements like vehicle-to-grid (V2G) technology would further demonstrate their commitment to providing comprehensive and forward-thinking solutions to their customers.
A Bold Step Towards a Greener Tomorrow
In closing, Evolectric’s potential partnership with Seismic Capital Company represents a significant milestone in the electric vehicle industry, particularly in the realm of CircularEVs and circular economy practices. As they explore the possibilities of joining forces, their shared mission of transforming commercial fleets into eco-friendly CircularEVs gains substantial momentum. With the potential of a solid financial foundation, comprehensive support, and a clear vision for a greener future powered by CircularEVs and circular economy principles, Evolectric is poised to make a lasting impact on global EV adoption rates.
The companies have executed a letter of intent, and now will work through final agreements and due diligence ahead of a closing expected to take place in the fourth quarter of 2023.
Stay tuned for more updates on this exciting partnership, as Evolectric and Seismic Capital Company explore the potential to reshape the future of transportation and sustainability with CircularEVs.
About Evolectric: Evolectric is an electric vehicle technology company headquartered in Long Beach, California, specializing in electrified transportation and battery technologies. Their mission is to convert fuel-guzzling and polluting commercial fleets into eco-friendly CircularEVs, contributing to a cleaner and more sustainable circular economy future.
About Seismic Capital Company: Seismic Capital Company is a venture capital firm that is identifying, guiding, and nurturing companies that seek to meaningfully disrupt their industries. With a focus on digital and emerging technologies, sustainability, education, and more, Seismic aims to protect the environment and communities while allowing investors of all income levels to participate in the disruptive companies of tomorrow.
For more information, please visit www.evolectricnow.com and follow Evolectric on LinkedIn and Instagram or visit www.seismiccc.com.
See Seismic’s Press Release: https://www.prnewswire.com/news-releases/seismic-capital-company-announces-intent-to-expand-portfolio-to-invest-15m-in-evolectric-301924776.html?tc=eml_cleartime