Automotive Fleet Magazine’s Post

Today, I’m excited to announce Powerhouse Ventures’ newest portfolio company, SHAED Inc., a first-of-its-kind platform to unify, digitize, and connect each stakeholder and stage of the commercial vehicle procurement process—from configuration, build, sales, and delivery. Procuring commercial EVs today is particularly cumbersome and manual, involving numerous verbal and written conversations between buyers, OEMs, upfitters, and service providers. SHAED’s solution dramatically simplifies the procurement process, a critical first step in fleet electrification. As fleets transition, SHAED offers a comprehensive acquisition platform to meet buyers where they are in their electrification journey. Powerhouse Ventures is proud to join SHAED’s $5.7M Seed round alongside @EnerTech Capital, with additional participation from undisclosed parties. We look forward to working with CEO & Co-Founder Ryan Pritchard, CTO & Co-Founder Masaood YUNUS, and CFO & Co-Founder Eddie Schick to digitize and accelerate commercial #EV procurement. #electrification #climatetech #venturecapital

Huron Capital Invests In Automotive Aftermarket

Huron Capital Invests In Automotive Aftermarket

🚚 Luxor Capital Group LP Acquires Volta Trucks Business 🌐 Luxor Capital Group, a major investor in the original Volta Trucks project and among the main creditors post the company's bankruptcy, has successfully acquired the Volta Trucks business. The electric truck manufacturer, which once employed around 850 people across Europe, faced challenges leading to its bankruptcy. While the acquisition by Luxor Capital Group provides a lifeline to the Volta Trucks brand, the fate of approximately 600 workers in the UK and a total of 850 employees remains uncertain. According to reports by Sky News, no official statement has been released, and there are concerns that only a fraction of the workforce may find continued employment under the new ownership of Volta Commercial Vehicles Ltd. "We're pleased to have safeguarded the future of Volta Trucks by facilitating its acquisition by Volta Commercial Vehicles Ltd.," expressed Andrea Jakes, Managing Director at Alvarez & Marsal (A&M). A&M was appointed as administrators to Volta Trucks' UK business following the October setback. As the industry awaits further details, questions arise about the continuity of the Volta Trucks project, which focused on manufacturing and selling the Volta Zero electric truck, primarily designed for urban distribution.⚡🌍 #ElectricTrucks #VoltaTrucks #FutureofMobility

Black Fleet limousine Secure your future through Investment

🚗 Big moves in the auto world! Bain Capital is considering a $1.8 billion takeover of Bapcor, the parent company of Autobarn. Stay tuned for more updates! #BusinessNews #AutoIndustry #BainCapital #Bapcor #Autobarn #Takeover #Investing #MarketTrends #business2sellau #business2sellnews

Marubeni and Lithia & Driveway Make a Strategic Investment in Wheels, Partnering with Apollo Funds Summary: Wheels, a leading fleet management company in North America, announced that it received a significant minority investment from Marubeni and Lithia & Driveway. The strategic investment aligns Wheels with notable players in the mobility space as it continues to innovate, building upon its best-in-class product offerings to corporate clients. As the pioneer in fleet leasing and services, Wheels recognizes that the automotive industry is constantly evolving and welcomes the deep industry knowledge that Marubeni and Lithia collectively contribute to our business. Marubeni has a strong track record of investing in companies across the US automotive value chain, dating back to 1958. Current Marubeni portfolio companies in the mobility sector include businesses focused on consumer auto finance, refrigerated trailer rental & leasing, and short-term commercial vehicle rentals. As an investor in Wheels in partnership with Apollo-managed funds focused on origination platforms and asset-backed finance strategies, Marubeni is aligned with Apollo’s long-term vision for Wheels, and in addition to providing expertise in the automotive sector, Marubeni enables further access to diversified funding channels through its longstanding relationships in Japan. Lithia, as one of the largest dealership groups in the US, shares Wheels’ commitment to delivering valuable offerings across the vehicle lifecycle, from vehicle acquisition and financing to maintenance and repair. Shlomo Crandus, the CEO of Wheels, said, “We are excited to receive the backing of two highly sophisticated investors. Our clients are always at the heart of everything we do, and that will continue as we innovate and grow with Marubeni and Lithia. While Wheels operates as a fleet management company today, the legacy business began in 1939 from an auto dealership, so we have a deep appreciation for the world-class business that Lithia has built and its dedication to customer satisfaction. We look forward to the strategic partnership and collaborative thinking with both Marubeni and Lithia.” Click here to learn more: https://lnkd.in/g_TkPej9 Click here for information on Marubeni’s Finance, Leasing & Real Estate Business Division : https://lnkd.in/g4gdEYbc Construction, Industrial Machinery & Mobility Division: https://lnkd.in/gg8_TVff #Marubeni

3 BIG learnings from Volta Trucks bankruptcy and rescue. "The challenges faced by Volta Trucks, from funding struggles to issues with its battery supplier, underscore the volatile landscape of the electric vehicle industry." I, for one, was pretty disappointed when Volta Trucks announced bankruptcy a couple months at a pivotal moment, as the truck is excellent. However, I'm glad it has been rescued. Obviously, the strategy will take a different form, and it's worth thinking about what the lessons are here. Here's 3 big learnings. 1) Grew headcount and spent capital too quickly. From when I first met the Volta Trucks people until August, head count had grown >10x. This wasn't a step by step lean and careful expansion strategy, which meant no buffer when something big went pear 🍐 shaped - like their battery supplier going bankrupt. Caution is always the better part of valour. 2) Single sourcing a vital component from another startup is risky Everyone knows that the battery is THE most important part of an EV, and if the battery supplier goes belly up, you're in for a world of hurt, which is exactly what happened here. Better off dual sourcing, with at least one supplier being a well established, long term player. Even if paying a premium, it brings piece of mind and is good insurance. 3) Great product is worth rescuing from a bad business strategy Luxor Capital LLC, who were key investors, and rescuers, obviously saw the truck's market potential. However, they let the company go bankrupt, rather than rescue it beforehand. Given the huge disruption that it brings, it strongly suggests that they believed the company needed a reset, even if the product is fantastic. But, Luxor DID rescue it, suggesting strong core value was still there. Obviously, Luxor was loathe to lose their initial investment, which would have been a motivator to continue. Do you agree with this read on the situation? What do you think that the future brings for them? Let me know your thoughts in the comments below #automotive #batteries #climatechange #electricvehicles #innovation #growth #sustainability

Empowering Success: Medu Capital's Strategic Divestment for Mutual Growth! Medu Capital announce the successful divestment of controlling interest in Elite Truck Hire, and we take a moment to underscore our significant role in this remarkable journey. Medu Capital's involvement with Elite began as a minority stakeholder in 2008, and through strategic collaboration, we progressively increased our equity position to attain a controlling interest in 2016. During our tenure, Medu Capital played a pivotal role in driving Elite Truck Hire's evolution and success. We were instrumental in facilitating the company's transformation into a Level 2 BBBEE contributor, reflecting our unwavering commitment to empowerment and diversity within the industry. Beyond empowerment, we actively supported Elite's growth initiatives, leading to substantial increases in revenue and profits. Moreover, we aided in diversifying their customer base, positioning the company for even greater achievements. Elite Truck Hire, boasting a rich history spanning over three decades, remains a front-runner in South Africa's competitive truck hire sector, and we are immensely proud of our partnership in this success story. We look forward to seeing both Medu Capital and Elite Truck Hire continue to thrive and achieve new heights.  #InvestmentSuccess #BusinessPartnership #EmpowermentJourney www.meducapital.co.za

❗ Proterra Inc Finds New Life in Volvo Acquisition❗ 🎤 Swedish Truck maker Volvo Group announced that it had acquired the battery business of Proterra, a bankrupt American electric bus manufacturer, for $210 million. The Volvo Group, with its headquarters in Gothenburg, Sweden, has a workforce exceeding 100,000 individuals and caters to customers in nearly 190 markets. In the year 2022, the company achieved net sales of SEK 473 billion (equivalent to EUR 45 billion). The acquisition is expected to close early 2024, subjective to merger clearance and certain other conditions. The deal includes Proterra’s battery module and pack development center in Burlingame, California as well as its assembly facility in Greer, South Carolina. 💡 Volvo Group’s acquisition of Proterra’s battery business is strategic move to bolster its electric vehicle (EV) capabilities and position itself as a leader in sustainable transportation. This acquisition positions Volvo Group as a leader in the electric vehicle industry and well-equipped to meet the growing demand for sustainable transportation solutions. Both Volvo Group and Proterra are committed to sustainability and reducing their environmental impact. The acquisition will combine their expertise and resources to further develop sustainable electric vehicle solutions, contributing to a cleaner and more environmentally friendly transportation sector. 🔋The acquisition of Proterra's battery business by Volvo Group is expected to bring about several key synergies that will benefit both companies. For Volvo Group, the deal will provide access to Proterra's advanced battery technology, enabling it to develop and produce more efficient and competitive electric vehicles. Additionally, the acquisition will expand Volvo's manufacturing capabilities and market reach, allowing it to better serve customers in North America and around the world. For Proterra, the acquisition will provide a much-needed lifeline, giving it the resources and stability, it needs to continue developing and manufacturing batteries for electric vehicles. Proterra's expertise in battery technology will also be valuable to Volvo Group, helping it to accelerate its innovation efforts and bring new products to market. 🤝 The deal is a major boost for the Swedish truck maker’s electric vehicle ambitions. Volvo aims to have a 35% of its vehicle’s electric by 2030, and Proterra’s expertise in battery technology will be crucial in achieving this goal. For Proterra, the deal is a welcome rescue, as the company had filed for bankruptcy protection earlier this year in August. Overall, the acquisition is a win-win for both companies, creating synergies that will benefit the electric vehicle industry as a whole. Analyst: Shaunakh Raj