Munro EV investment set to create up to 300 new jobs

Electric 4×4 maker Munro EV has secured significant investment to support its drive to full-scale production.

The Glasgow-based start-up behind the rugged M-Series off-roader says it has secured £2 million in additional funding from existing investor Elbow Beach and from “other parties”.

The funding will help to expand production line capacity at the firm’s new Glasgow factory and to recruit more engineers and assembly staff. Munro EV says that as production scales up it expects the funding to support the creation of up to 300 new jobs in Scotland.

Munro EV says it currently has orders for 246 vehicles, worth around £17m, which it aims to deliver before the end of 2026, with plans to eventually reach production capacity of up to 5,000 vehicles annually in the next six years.

The money will also go towards growing Munro EV’s sales and service network and developing industry-specific vehicle configurations for customers across mining, defence and construction sectors.

While capable of driving on road – for up to 170 miles on a charge – The M-Series is predominantly intended as an off-road workhorse to be used in hostile environments and tough terrain. It offers up to 276bhp, a one-tonne load capacity and 3.5-tonne towing capacity as well as the ability to operate for up to 16 hours per charge off road.

Munro CEO and co-founder Russell Peterson recently told EV Powered that the firm was “hyperfocused” on delivering a simple but effective “tool” for ultra-demanding industries.

Announcing the new funding, Peterson said: “This investment validates the critical need for zero-emission solutions in heavy industry.

“Mining companies, defence interests and construction firms are actively seeking alternatives to diesel-powered vehicles, both to meet sustainability targets and reduce operational costs. The M-Series delivers on both fronts without compromising the performance these industries demand.”

Peterson added that Munro EV was aiming to secure interest from the UK Ministry of Defence as it looks to replace the Land Rover and Pinzgauer vehicles in its fleet under the Land Mobility Strategy.

JP, co-founder and CEO of Elbow Beach, commented: “Elbow Beach is proud to support Munro, a standout example of Scottish advanced manufacturing. Through its focused approach, Munro is delivering a capital-light solution that accelerates decarbonisation while driving meaningful commercial benefits for the real economy.”