Munro Vehicles is a fully-electric commercial vehicle manufacturer based in Glasgow.
Business overview
| Location | Glasgow, United Kingdom |
|---|---|
| Social media | |
| Website | www.munro-ev.com/ |
| Sectors | Automotive & Transport Non-Digital Mixed B2B/B2C |
| Company number | SC635202 |
| Incorporation date | 4 Jul 2019 |
Investment summary
Business highlights
- £1.75m raised to date
- Multiple working prototypes in testing
- Paid reservations and sales agreements confirmed
- Flagship product: Munro Series-M
Key features
Idea
Introduction
Munro Vehicles based in Glasgow is a designer and manufacturer of fully electric commercial vehicles. Our mission is to develop and deliver next-generation zero-emission vehicles that help essential but carbon-intensive industries transition to net zero.
Our flagship product is the Munro Series-M: A specialist vehicle designed for the most demanding work and terrain in the world. The Series-M can act as a van, a 4x4 and a UTV all at once.
Key vehicle attributes:
· Available as a hard-top or pickup.
· Permanent 4x4, choice of either 180kW or 270kW motor.
· 85kWh LFP battery pack, 130kW charging speed.
· 1600L/1050KG cargo area, 3500KG towing capacity.
· ABS, Stability Control, Airbag, and roll-over protection as standard.
· 800mm Wading depth, 400mm ground clearance, approach and departure angles of 85/67 degrees respectively.
Please note, key vehicle attributes of the Munro Series M are provided through technical specifications and prototypes. The Series M is due for delivery in 2024 with these specifications.
Substantial accomplishments to date
Since 2021 our team has been working alongside companies in the utilities, mining, forestry, agriculture, and rescue industries to understand their unique needs for light vehicles and develop a product that can meet their requirements.
To date, we have raised £1.75m from angel investment, enabling us to develop two fully-functional prototype vehicles which have been demonstrated and tested throughout the UK during 2023.
The production specification for the vehicle was finalised in July 2023, incorporating public and customer feedback on both the visual design and technical features of the vehicle.
The first pilot vehicles are being built at our Glasgow HQ now, and are targeted to reach customers by Q4 2023.
2021 September: First drivetrain prototype developed and revealed.
2022 April: Angel investment raised.
2022 December: Production prototype revealed.
2023 February: Testing on and off-road throughout the UK begins.
2023 May: Pick-up prototype revealed.
2023 June: On-site trials begin at an operational windfarm.
2023 July: Production specification finalised, first vehicles in-build.
Monetisation strategy
The Series-M gives companies an opportunity to radically decarbonise 4x4 fleets by adopting a highly capable vehicle with zero tailpipe emissions. Robust components, high-grade materials and corrosion protection all give the Series-M a long operational lifespan, further reducing the carbon impact of the vehicle.
Munro Vehicles' mission is to work directly with fleet operators to build exactly the vehicle they need for their business, providing in-depth vehicle customisation right from the factory.
Munro has paid reservations and sales agreements for 8 pilot vehicles in 2023 and 100+ production vehicles in 2024-25 for some of the biggest names in construction. Our immediate priority is to deliver Series-M pilot vehicles to early-adopter customers to demonstrate our product-market fit.
Our production deliveries are targeted to start mid-2024, and we plan to progressively ramp up production to our target of 2500 vehicles per year by 2027.
Use of proceeds
We plan to use these proceeds to begin production of the Series-M at our Glasgow HQ. We are targeting 50 delivered vehicles in 2024 and 150 vehicles in 2025.
In the 12 months that follow after the crowdfund, we'll spend:
47% Salaries: team expansion, including key hires in assembly and engineering.
34% Premises: a combination of rent and tooling for our production line.
10% Advertising and marketing: sales activities including demonstrations of the vehicle, events, marketing and PR.
9% Legal and Other: legal fees, a contingency fund, and subsidies.
Beginning deliveries of the first 50 vehicles will help us to prove our product-market fit and begin generating revenue. We will leverage this momentum with the objective of securing an additional £5 million in 2024 to accelerate Series-M production. Our ambition is to manufacture and deliver 2,500 vehicles annually by 2027.
Key Information
IP dispute
The company was in an IP dispute with another vehicle manufacturer. An agreement in principle has been reached and is due to be signed at the end of October. No costs are associated with this dispute for the company, and none of the IP used by the company going forward is affected. This agreement will be signed prior to the completion of this campaign
Outstanding debt
The company has an outstanding Director loan of £80,000 from the Co-Founder. There is no interest associated with this loan. The loan is due to be repaid in full in July 2024.
None of the funds raised in this round will be used to repay this loan.
Share Class
The company currently has two classes of shares, Ordinary Shares and Preference Shares. All investors in this round, including Seedrs investors, will be receiving Preference Shares.
The rights attached to the share classes are as follows:
Preference shares:
- Voting rights
- 1.35x senior participating preference on liquidation & exit – see below
- Dividend rights
Ordinary shares:
- Voting rights
- Junior participating preference on liquidation & exit – see below
- Dividend rights
Preference
On liquidation or exit, the proceeds distributable to shareholders shall be allocated as follows:
- First, preference shareholders shall receive an amount equal to 1.35x their investment;
- Second, ordinary shareholders shall receive an amount equal to 1x their investment; and
- Any remaining proceeds shall then be distributed to all shareholders, pro-rata to their shareholding.
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