LOS ANGELES, 13 September 2023: Seismic Capital has unveiled its ambitious plan to invest USD 15m in Evolectric, a prominent Electric Vehicle (EV) technology company headquartered in Long Beach, California. Evolectric specializes in advanced electrified transportation and battery technologies, with a mission to transform traditional, polluting commercial fleets into eco-friendly EVs.
Strengthening the Partnership
The two companies have taken a significant step towards this collaboration by executing a letter of intent. The next phase involves finalizing agreements and conducting due diligence, with a targeted closing scheduled for the fourth quarter of 2023. Seismic’s investment is poised to play a pivotal role in propelling Evolectric’s growth, enabling the company to expedite deliveries of its expanding customer orders.
Immediate Support from Seismic
Although the formal integration of Evolectric into the Seismic portfolio is pending, Seismic has already begun offering essential support. Beyond the financial injection, Seismic is extending the “Seismic Solution” to Evolectric. This comprehensive support package encompasses crucial administrative services, including human resources, benefits administration, accounting, and legal assistance. By shouldering these operational burdens, Seismic empowers Evolectric to concentrate on advancing its cutting-edge technology, streamlining the conversion process, and scaling up production, thereby benefiting fleet owners.
Seismic Capital’s Insightful Perspective
Eric White, President and Chief Investment Officer at Seismic Capital Company, commended Evolectric’s agility in assembling a proficient technology and production team to drive its circular EV business forward. White, drawing from his previous experience as a transportation lobbyist and senior advisor for transportation policy on the Clinton transition team, and subsequent role as Vice Chair of the Transportation and Telecommunications Committee for the Democratic National Committee, expressed his confidence in Seismic’s ability to guide Evolectric through the complexities of regulatory compliance and emission standards.
Evolectric’s Vision for CircularEV Solutions
Jakson Alvarez, Evolectric’s Co-Founder, Co-CEO, and CFO, highlighted the transformative potential of partnering with Seismic. This collaboration will bolster Evolectric’s leadership in CircularEV™ solutions, characterized by a low-capital expenditure approach and decentralized operations that empower a “train-the-trainer” model for electrifying trucking fleets. Customers stand to gain from increased operational efficiencies, reduced operating costs, and access to cutting-edge smart EV technology.
Global EV Market Opportunity
The global electric commercial vehicle market is poised for tremendous growth, with projections from Allied Marketing Research suggesting a staggering valuation of USD 558bn by 2031. Evolectric’s strategic expansion plan includes establishing a distributed network of installers and service centers, targeting 10,000 vehicle conversions annually by onboarding 100 garages, each capable of converting 100 vehicles. Evolectric’s innovative approach is driving clean tech advancements in the US and emerging markets, accelerating the global adoption of EVs.
A Focus on Existing Vehicles
Bill Beverley, Evolectric’s Co-Founder, Co-CEO, and CTO, emphasized their unique strategy of retrofitting existing vehicles, bypassing supply chain constraints, and speeding up electrification efforts. Evolectric’s commitment extends beyond vehicle conversion, with plans to incorporate software enhancements like vehicle-to-grid technology, delivering long-term benefits to their customers that transcend traditional EV solutions.
As Seismic Capital’s significant investment propels Evolectric into an exciting phase of growth and innovation, both companies remain dedicated to shaping the future of sustainable transportation while addressing the pressing challenges of emissions and environmental conservation.