Meritor invests in SEA Electric

Electric vehicle technology company SEA Electric has global commercial vehicle supplier Meritor on board as a new equity investor. 

The Australian-founded company, headquartered in Los Angeles and also operating in New Zealand and other countries, partners with commercial vehicle OEMs, dealers, operators and upfitters to deliver a range of zero-emissions trucks with remote mount electrification solutions to the medium and heavy-duty commercial vehicle market. 

SEA Electric is on schedule to deliver more than 500 electric commercial vehicles this year and plans to have more than 15,000 vehicles on the road by the end of 2023.

“Meritor’s investment will help us to accelerate global sales efforts and strengthen the delivery and distribution transportation segment for vehicles that operate in urban and metropolitan areas,” SEA Electric founder and president Tony Fairweather says. 

“We are excited for Meritor to join us as a strategic investor and shareholder.”

Meritor president and chief executive Chris Villavarayan says the collaboration “gives us another path to apply our expertise in electrification solutions for the medium-duty market”. 

Meritor, based in Michigan, US, is a leading global supplier of drivetrain, mobility, braking, aftermarket and electric powertrain solutions for commercial vehicle and industrial markets. 

The company trades on the New York Stock Exchange and is valued at US$1.74 billion. It has more than 8600 employees and operates from 19 countries.