London social impact investor announces £750k investment into Scottish 4X4 manufacturer

A London decarbonization, sustainability and social impact investor has announced a £750k investment into a Glasgow-based electric 4X4 manufacturer.

Elbow Beach Capital believes a considerable opportunity exists to decarbonise vehicle fleets within the mining, forestry and agriculture industries, where over 220,000 farms and 2,000 active mines in the UK alone are relying on all-terrain vehicles to carry out daily operations.

While the electrification of passenger cars has received significant investment in recent years, commercial 4X4 vehicles have been largely ignored despite the substantial carbon emissions being generated by these vehicles as a result of low fuel efficiency and reliance on diesel.

Munro Vehicles has developed the first fully electric 4x4 designed and built in the UK. Having undergone considerable off-road testing, Munro expects its Mark 1 to be production line ready later this year with first vehicle deliveries to be made in 2023.

The investment will be used to hire key personnel, develop its order book and grow its sales network while building, testing and upgrading a “production intent” prototype vehicle. Further funds will be raised later this year to scale the production line, recruit assembly staff and complete first deliveries of pre-ordered vehicles.

Jon Pollock, CEO of Elbow Beach Capital, said: “We’re delighted to be helping to bring Munro to market. Elbow Beach Capital exists to identify and support companies challenging carbon-intensive industries and delivering practical solutions, Munro is a fantastic example of this.

“This is only just the start for Munro; we have seen the prototype in action and were incredibly impressed by its versatility and overall performance under challenging conditions – these will be fit for purpose all-terrain vehicles which just happen to be powered by electricity. With Mark 1 nearing production-readiness, 2022 is going to be an exciting year for the Munro team.”

Russ Peterson, CEO of Munro, commented: “We’re very excited to have Elbow Beach Capital’s support, particularly as we feel that their passion and enthusiasm matches our own.

“This investment is beneficial for the local economy and will allow us to source as many of our parts from within the UK as possible, cutting down on carbon emissions from shipping. We have a huge job ahead of us to take the Mark 1 to production but with Elbow Beach’s backing we feel empowered to make it happen.”