Aussie EV biz kicking goals overseas: SEA Electric Completes US$42 Million Equity Financing

Australian commercial EV manufacturer, SEA Electric, has announced a new US$42 Million in private placement equity financing.

According to SEA, this will allow the organisation to cement its place as a leader in the EV market, while also assisting with fulfilling a backlog of orders and helping contribute to future research and development.

It will also mean the company is able to increase its international sales push and further implement its patented “Sea-Drive” 120b battery power system.

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“We are very pleased to have completed a heavily oversubscribed equity financing and are excited to welcome aboard a global set of institutional investors as partners,” Tony Fairweather, SEA founder and president, said.

“The financing allows SEA Electric to grow our backlog as we explore options to seek a public listing in the United States this year.”

Founded in 2012, the Australian company has taken the mercantile transportation industry by storm.

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Now headquartered in California and operating in six different countries, SEA has already partnered with corporate heavyweights like FedEx, Staples and UPS.

SEA claims a number of its vehicles boast over 300 kilometres of pure EV range, which is impressive considering the already laden nature of most commercial transporters.

These impressive efficiency figures have garnered significant interest across the globe, and in 2021 alone, the company has already delivered 1000 zero-emissions electric vehicles – and is on track to have 15,000 of its vehicles on the road by the end of 2023.

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“2021 will see a paradigm shift in the way developed markets facilitate uptake of commercial electric vehicles and the unstoppable momentum will build year-after-year,” Fairweather added.