Drive system technology company SEA Electric has announced it closed $20 million of its $30 million series A round last week, led by San Francisco-based investment bank GCA Global.
The raise has featured “various strategic, financial and hybrid investors with Invictus Advisory Group (IAG) securing the first $20M investment,” the Australian company said in a statement.
IAG was founded by Kevin Smith in 2013 and recently launched a $750 million electrification and mobility fund. Smith will join the board of SEA Electric as a director.
“SEA Electric is continuing to develop, enhance and deploy its electric SEA-Drive technology in collaboration with glider chassis suppliers across a range of van and truck-platforms in all major global markets,” said SEA Electric Founder and President, Tony Fairweather.
“Having IAG’s investment support and Kevin Smith join our Board, will both expedite scale and provide invaluable segment and market experience.”
SEA Electric runs a Dandenong factory and is building another in La Trobe Valley and designs and manufactures drive systems. Last month it announced a partnership with Hino in the US to develop a new medium-sized electric truck.
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