STRENGTHENING COMMITMENT TO SCOTTISH EV MANUFACTURER

18 December 2023

Elbow Beach is pleased to announce a £1m follow-on investment in Munro Vehicles, a manufacturer of all-electric 4×4 vehicles and Scotland’s only volume production car company. This investment takes Elbow Beach’s commitment to Munro to £1.7m+ and it remains Munro’s largest single investor. Munro Vehicles has recently completed its first production model, the Series-M 4×4 Utility, just 12 months after the company unveiled its first prototype model. Munro has secured a £68m+ customer pipeline and has received vehicle orders from Jakob Mining Vehicles, one of the largest distributors of specialist vehicles for the mining sector, and Morgan Sindall Infrastructure, one of the UK’s leading civil engineering contractors.

Munro’s forthcoming production model debut marks the return of light vehicle production to Scotland for the first time since the closure of the Linwood car plant in 1981, marking a significant moment in Scotland’s automotive history.

Elbow Beach Capital CEO, Jon Pollock, commented: “This is a huge achievement for Munro. The company has achieved significant scale-up progress over the last 12 months, which is reflected in a material customer pipeline and orders. There is a notable gap in the market for high quality, durable, off-road electric 4×4 vehicles for demanding industries and the completion of the Series-M Utility positions Munro as the go-to provider of 4x4s for big sectors such as mining, construction, and agriculture.

Elbow Beach is committed to supporting businesses that revolutionise industries and Munro is an excellent example of our thesis. We are looking forward to seeing the first production model roll off the production line in Scotland in the new year and look forward to continuing to support Munro over the next stages of their growth.”

Jakob Mining Vehicles: Munro has signed an exclusive partnership with Jakob Mining Vehicles (JMV) in an agreement worth >£50m to provide the company with 900 vehicles over the next five years all designed specifically for the mining industry’s demanding needs. The mining industry is responsible for up to 7% of global greenhouse gas emissions. Reducing the carbon intensity of the industry is of significant importance in the transition to a net zero economy. Munro’s vehicles provide companies with a solution to electrify their vehicle fleets, without compromising on durability or performance.

Morgan Sindall Infrastructure: Munro has also signed an agreement with leading UK civil engineering contractor, Morgan Sindall Infrastructure, for 30 vehicles. Shipping is expected to begin in Q1 2024.