Transaction to Support Operation and Expand Turn-Key Electric Compact Utility Vehicle Solution
SAN JOSE / CHICAGO — December 15, 2022 — Tropos Technologies, Inc. (“Tropos”), one of the leading electric commercial Low Speed Electric Vehicles (LSV) manufacturers in North America today announced a $10 million lead strategic investment in their current Series B round from Workhorse Group, Inc. (Nasdaq: WKHS) (“Workhorse”), an American technology company focused on pioneering the transition to zero emission commercial vehicles. The transaction was led by Chicago-based Auctus Capital Partners and its senior managing director and CFO, John Dilatush, which acted as the exclusive advisor to Tropos Motors.
“This investment from the leading manufacturer of electric Class 3 and larger trucks will support Tropos’ expansion of its business operations nationwide and strengthen its market leading position,” said Dilatush. “It was a pleasure working with all parties through this transaction and we are pleased to continue supporting Tropos as our client.”
Tropos and Workhorse earlier announced that the companies entered into a contract manufacturing relationship for Workhorse to supplement the production capacity of Tropos’ existing Silicon Valley facility. This is the first major contract manufacturing partnership of its kind for Workhorse, which will save Tropos the time to market and capital required to develop its own facilities to support the Midwest and Eastern United States.
This relationship also benefits Workhorse by facilitating a soft ramp up and expansion of its manufacturing capability alongside its own vehicles. In fact, the contract is a result of multiple improvements Workhorse has made at its Union City, Ind., plant, upgrading and doubling its manufacturing floor space at the site over the past year, investing between $15-20 million.
More information is available at TroposTech.com or TroposMotors.com.
About Auctus Capital Partners
Auctus Capital Partners is a leading financial services and investment banking firm focused exclusively on creating value for the lower middle market. We specialize in merger & acquisition advisory, institutional private placements of debt and equity, financial restructuring, valuation, and strategic consulting. Our senior bankers have deep domain expertise across a range of industries, with the necessary foresight to navigate highly-complex transactions to maximize value and achieve optimal outcomes for clients.
For additional information, visit AuctusCapitalInc.com.
About Tropos Technologies, Inc. and Tropos Motors
Tropos Technologies, Inc. is a Silicon Valley-based startup that manufacturers and distributes all-electric, street-legal vehicles, specializing in utility electric low-speed vehicles (e-LSVs) and trucks under the Tropos Motors brand. These vehicles are designed for corporate, fleet, first-responder, agriculture, last-mile delivery, and construction applications. Tropos employs the latest EV technology, experienced engineering, and modern design aesthetics. The Tropos Motors ABLE™ is a full line of durable, versatile, and available eCUVs (electric Compact Utility Vehicles). The Tropos Motors product line is capable of handling large payloads and towing capacities and can operate in extremely tight quarters with a short wheelbase and turning radius. Tropos Motors eCUVs can be operated indoors, outdoors, and off-road. Available in countless configurations, their trucks are ready to work as hard as you do, no matter the job.
For more information, visit TroposTech.com or TroposMotors.com to learn more about their vehicle platforms.
About Workhorse Group Inc.
Workhorse is a technology company focused on providing drone-integrated electric vehicles to the last-mile delivery sector. As an American original equipment manufacturer, we design and build high performance, battery-electric vehicles including trucks and aircraft. Workhorse also develops cloud-based, real-time telematics performance monitoring systems that are fully integrated with our vehicles and enable fleet operators to optimize energy and route efficiency. All Workhorse vehicles are designed to make the movement of people and goods more efficient and less harmful to the environment. For additional information, visit Workhorse.com.