ZevX raises more than $20 million to electrify trucks
Illustration: Sarah Grillo/Axios
ZevX, a Gilbert, Az.-based manufacturer of electric power systems for commercial vehicles, closed a more than $20 million round of funding led by Reynolds Capital.
What's happening: The company builds powertrains and battery management systems for trucks ranging from Class 2 pickups to Class 6 beverage haulers. It has a particular eye toward fleets.
Details: “We are very capital efficient. We don’t need to build a $5 billion plant to get things done,” CEO Don Listwin tells Alan, adding that ZevX's valuation is now between $50 million and $100 million.
The details: Lead investor Reynolds Capital is part of Reynolds and Reynolds, a car-dealership software provider. Listwin, the company's second-largest investor, also invested in the round.
Of note: Listwin was the No. 2 exec at Cisco.
- Kevin Kennedy is joining the board as chairman. David Shimek and Sidney Haider from Reynolds are also joining the board.
What's next: "We'll go out and raise a Series B when Wall Street isn’t as wacky," Listwin says.
- The company aims to break even by the end of 2024.