Decarbonisation and sustainability investor Elbow Beach Capital injects an additional £1 million into Munro Vehicles, solidifying its position as Munro’s largest investor.
In a significant development for Scotland’s automotive industry, Elbow Beach Capital has announced a follow-on investment of £1 million in Munro Vehicles, Scotland’s sole volume production car company specialising in all-electric 4×4 vehicles. This latest investment brings Elbow Beach’s commitment to Munro to over £1.7 million, maintaining its status as Munro’s largest single investor.
Munro Vehicles has recently unveiled its first production model, the Series-M 4×4 Utility, and has secured a robust £68 million global customer pipeline, including orders from Jakob Mining Vehicles and Morgan Sindall Infrastructure.
Munro’s achievement is particularly noteworthy as it marks the return of light vehicle production to Scotland, a milestone not seen since the closure of the Linwood car plant in 1981. Elbow Beach Capital CEO, Jon Pollock, commends Munro’s progress and underscores the company’s potential in providing high-quality, durable, off-road electric 4×4 vehicles for demanding industries such as mining, construction, and agriculture. The Series-M Utility completion sets the stage for Munro to become a key player in these sectors.
Exclusive partnerships have been forged, notably with Jakob Mining Vehicles (JMV), a significant move considering the mining industry’s responsibility for up to 7% of global greenhouse gas emissions. Munro’s vehicles offer a sustainable solution for companies seeking to electrify their fleets without compromising on durability or performance. The partnership with JMV, valued at over £50 million, aims to provide 900 customised vehicles over the next five years, contributing to the reduction of the mining industry’s carbon footprint.
Munro has also entered into an agreement with Morgan Sindall Infrastructure, a leading UK civil engineering contractor, for 30 vehicles. Both partnerships reflect Munro’s commitment to providing electric vehicles tailored to meet the demanding needs of diverse industries.
Beyond its commercial success, Munro’s expansion signifies positive contributions to the Scottish economy.
With Scottish exports already experiencing a notable growth of 17.7% in the year ending March 2023, Munro’s Series-M Utility is poised to add to this growth in the coming months. The company’s strategic vision includes expanding production facilities and generating 300 new jobs in the region by 2027.
Russell Peterson, Munro CEO and co-founder, said: “Munro’s roadmap will enable it to capitalise on its global market opportunity whilst also making a significant contribution to the Scottish economy. Munro appreciates the support of Elbow Beach Capital in helping us to scale.”
