Orange EV has entered into a $100 million revolving credit facility led by Wells Fargo Bank, N.A., a senior secured line the company says will strengthen its balance sheet and support working capital needs. The proceeds also back continued expansion of OptiGrid, the subsidiary developing battery-integrated fast charging systems, and growth of the company’s rental and leasing platform. Orange EV manufactures 100% electric Class 8 terminal trucks in Kansas City, Kansas, serving ports, rail yards, and logistics facilities across North America.
Highlights
- $100 million revolving credit facility, senior secured, led by Wells Fargo Bank, N.A.
- Three stated uses: working capital, OptiGrid expansion, and rental and leasing growth
- Production tripled this year, according to CEO Kurt Neutgens, alongside ramped output of the Orange Juicer battery-integrated charger
- Three milestones in the past two months: a 40-truck order with APM Terminals in California, deployment of the company’s 2,000th electric terminal truck, and a single order for 600 trucks
What the Facility Funds
The senior secured revolving facility gives Orange EV expanded liquidity across three areas the company identifies as growth drivers: yard electrification, its rental and leasing business, and battery-integrated fast charging.
“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,” said Steve Linderman, Managing Director with Wells Fargo Capital Finance.
Kurt Neutgens, CEO of Orange EV, tied the financing directly to production and product ramp. “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,” Neutgens said. “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.”
Why Charging Infrastructure Factors Into the Financing
Orange EV recently broadened its offerings through OptiGrid, which develops rapidly deployable, battery-integrated fast charging for electric vehicles and equipment across end markets well beyond terminal trucks.
The company frames utility constraints and the cost of infrastructure upgrades as the remaining barrier to full-scale fleet electrification. OptiGrid’s approach is built to let fleets running mixed electric vehicles add charging capacity without waiting on utility upgrades or multi-year infrastructure projects. According to Orange EV, the technology can compress deployment timelines from months or years down to days or weeks — the same premise behind the Orange Juicer battery-integrated DC fast charger the company introduced with OptiGrid.
That positioning explains why a truck manufacturer’s credit facility is partly an infrastructure financing. The charging subsidiary addresses a bottleneck that constrains truck sales as much as it constrains customers.
Recent Order Activity
The financing follows a run of order and deployment news over the past two months. Orange EV cites a 40-truck order with APM Terminals in California, deployment of its 2,000th electric terminal truck, and a single order for 600 electric terminal trucks.
The company reports its deployed fleet has surpassed 36 million miles and 14 million hours of operation across 43 states, Canada, and the Caribbean, with a turnkey package spanning Class 8 electric trucks, on-site service, and the Orange Juicer CCS1 battery-integrated charging system produced by OptiGrid.
