Orange EV, a manufacturer of zero‑emissions terminal trucks, entered into a $100 million revolving credit facility led by Wells Fargo Bank.
The senior secured facility strengthens Orange EV’s balance sheet and provides increased liquidity to support working capital needs, the continued expansion of OptiGrid and the growth of the company’s rental and leasing platform.
“Wells Fargo is pleased to support Orange EV with a flexible capital solution that aligns with the company’s growth strategy across manufacturing, infrastructure solutions and fleet services,” Steve Linderman, managing director with Wells Fargo Capital Finance, said.
Kurt Neutgens, CEO of Orange EV, added, “This expanded liquidity gives us the room to grow at the record-breaking pace we’ve been on this year as we’re on track for one out of every four new yard trucks purchased or leased to be an Orange EV yard truck. Specifically, it will help as we’ve tripled our production, expanded our rental and leasing business, and are ramping production of the Orange Juicer Battery-Integrated Charger to meet demand.”
