Australian electric drive manufacturer SEA Electric has secured a $20 million investment from US-based consulting firm Invictus Advisory Group as part of a $30 million Series A fund raising.
SEA Electric said the financing round has attracted various strategic, financial and hybrid investors via IAG, which secured the first $20 million investment in the Victoria-based company.
SEA Electric founder and president, Tony Fairweather, welcomed the investment alongside the addition of IAG founder Kevin Smith to the company’s board – a move he hopes will expedite scale and provide invaluable segment and market experience.
SEA Electric specialises in electric drive technology designed to be easily retro-fitted on various leading van, bus and truck brands, offering a relatively quick shift to cheaper and cleaner electric transportation.
In 2018, the Dandenong-based company won state government backing to build a factory in Victoria’s Gippsland region, to assemble 2,400 electric vehicles a year – mostly delivery vans and minibuses.
In the meantime it has successfully fitted systems to vehicles made by Isuzu, Mercedes-Benz, Ford, Hino, Iveco and XGW and FAW, and has delivered 10 SEA-equipped refuse trucks to New Zealand.
In February of 2019, SEA Electric took its proprietary technology to the US, setting up a base in Los Angeles, and booking trials with major US trucking fleets.
There it has caught the attention of IAG, which recently launched a $750 million mobility and electrification fund focused on investing across the electric vehicle lifecycle, including batteries and vehicle production.
“I look forward to lending my expertise to the SEA Electric team as we search for novel ways to increase company value,” said IAG founder and managing partner, Kevin Smith.
“It has been a pleasure getting to know the team and I am excited to be a part of our next stage of growth,” he added.