NorCal Logistics, a woman-owned FedEx contractor and pick-up and delivery service provider in Northern California, has taken a first step towards electrifying its truck fleet, ordering five electric Class 6 step vans from California-based Motiv Electric Trucks.
Founded in 2009 and headquartered in the San Francisco Bay Area, Motiv produces a range of electric vehicles, including step vans, shuttle buses, box trucks and work trucks, all of which offer a lower total cost of ownership than legacy gas trucks, according to the company.
NuGen Go, the e-mobility financing arm of NuGen Capital Management, provided bridge funding and additional turnkey financing for the purchase.
“Adding electric vehicles to our fleet is a major step forward in NorCal Logistics’ long-term commitment to building a more sustainable future,” said Liz Litsas, CEO and CFO of NorCal Logistics. “We appreciate NuGen’s partnership—their team’s deep experience in America’s clean energy sector played a critical role in helping us move this initiative from concept to reality.”
“NuGen is filling a critical need in the electric truck industry,” said Scott Griffith, CEO of Motiv Electric Trucks. “While there are numerous incentives available for fleets, there is often a significant time gap between when trucks are ordered, when they are delivered and when incentive payments arrive. By filling that gap, NuGen will enable more fleets to fully take advantage of financial incentives that lower the cost of vehicles.”
“NuGen is committed to building a cleaner, more reliable and lower-cost energy grid. Financing transportation electrification and infrastructure is a key part of achieving that vision,” said Michael Baer, Managing Director of eMobility & Analytics at NuGen.
Source: NuGen Capital Management
