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ZevX raises more than $20 million to electrify trucks

Alan Neuhauser
Feb 16, 2023
Illustration of a delivery truck with a dollar bill on the side

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.
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