Electric commercial vehicle and mobility specialist start up, Workhorse Group Inc¹ of Cincinnati, Ohio, USA, says it has raised USD25m through a private offering of Series B preferred non-convertible stock (but the holders are entitled to annual dividends payable in shares of common stock) with a group of institutional investors.

The proceeds will be used for general working capital and research and development, allowing the company to focus on finalizing the R&D associated with the N-GEN* electric distribution truck followed by production of the existing contracted backlog. Commenting on this funding, Duane Hughes CEO of Workhorse, said: "This funding provides Workhorse with sufficient capital to fully deliver on our existing backlog and will enable us to make significant strides in our strategic vision of being a leader in the electric last mile delivery space. We now have all necessary pieces in place to bridge Workhorse into full-scale N-GEN production and are looking forward to commencing the manufacturing process, in earnest, during the fourth quarter of this year."