SEA Electric secures US$20m investment

Australian-based automotive tech company SEA Electric has closed US$20 million of a US$30m Series A round with financing led by San Francisco headquartered, boutique investment bank GCA Global.

Participants in this round included various strategic, financial and hybrid investors with Invictus Advisory Group (IAG) securing the first US$20m investment for SEA Electric which developed a full electric commercial vehicle drivetrain system.

An investment advisory and consulting firm with direct access to major sources of financing and investment from Fortune 500 companies and the US federal government, IAG was founded by Kevin Smith in 2013 and recently launched a US$750m mobility and electrification fund focused on investing across the EV lifecycle from batteries to vehicle production and aftersales services.

“I look forward to lending my expertise to the SEA Electric team as we search for novel ways to increase company value,” Smith says.

SEA Electric founder and president Tony Fairweather says the company is continuing to develop, enhance and deploy its electric SEA-Drive technology in collaboration with glider chassis suppliers across a range of van and truck-platforms in all major global markets.

“Having IAG’s investment support and Kevin Smith join our board will both expedite scale and provide invaluable segment and market experience,” he adds.

A further independent board position will be announced soon.

The investment announcement is SEA Electric’s first in 2020.