Orange EV Secures $100M Credit Facility from Wells Fargo to Expand Electric Fleet Infrastructure
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Orange EV Secures $100 Million Credit Facility
Kansas City-based electric vehicle manufacturer Orange EV has secured a $100 million revolving credit facility led by Wells Fargo Bank to support continued growth across electric terminal trucks, charging infrastructure, and fleet services.
The senior secured facility will provide additional liquidity for working capital, expansion of Orange EV's OptiGrid subsidiary, and growth of its rental and leasing platform.
Expanding Electric Terminal Truck Manufacturing
Orange EV manufactures 100% electric terminal trucks for ports, rail yards, and logistics facilities across North America.
The company has tripled production as demand for zero-emission yard vehicles increases. Orange EV said it is on track for one out of every four new yard trucks purchased or leased to be an Orange EV vehicle.
The company has surpassed 36 million miles and 14 million hours of operation across 43 states, Canada, and the Caribbean.
Building Battery-Integrated Charging Infrastructure
Orange EV has also expanded into charging infrastructure through its OptiGrid subsidiary.
OptiGrid develops rapidly deployable, battery-integrated fast charging systems designed for electric vehicles and equipment.
The technology is intended to help fleets overcome utility capacity limitations and avoid lengthy infrastructure upgrades. Orange EV says deployment timelines can be reduced from months or years to days or weeks.
Supporting Fleet Expansion
The new credit facility will support Orange EV's continued manufacturing growth, rental and leasing operations, and production of its Orange Juicer battery-integrated charger.
CEO Kurt Neutgens said the additional liquidity will help the company maintain its growth trajectory as production expands and demand increases.
Recent Growth Milestones
The financing follows several major developments for Orange EV, including a 40-truck order from APM Terminals in California, deployment of the company's 2,000th electric terminal truck, and a 600-truck single order.
The company is positioning its electric terminal trucks and charging infrastructure as a combined solution for fleets transitioning to zero-emission yard operations.
