Tropos Technologies Secures $10 Million Strategic Investment from Workhorse

Transaction to Support Operation and Expand Turn-Key Electric Compact Utility Vehicle Solution

Tropos Technologies, Inc., one of the leading electric commercial Low Speed Electric Vehicles (LSV) manufacturers in North America today announced a $10 million lead strategic investment in their current Series B round from Workhorse Group, Inc. (Nasdaq: WKHS) (“Workhorse”), an American technology company focused on pioneering the transition to zero emission commercial vehicles. The transaction was led by Chicago-based Auctus Capital Partners and its senior managing director and CFO, John Dilatush, which acted as the exclusive advisor to Tropos Motors.

“This investment from the leading manufacturer of electric Class 3 and larger trucks will support Tropos’ expansion of its business operations nationwide and strengthen its market leading position,” said Dilatush. “It was a pleasure working with all parties through this transaction and we are pleased to continue supporting Tropos as our client.”

Tropos and Workhorse earlier announced that the companies entered into a contract manufacturing relationship for Workhorse to supplement the production capacity of Tropos’ existing Silicon Valley facility. This is the first major contract manufacturing partnership of its kind for Workhorse, which will save Tropos the time to market and capital required to develop its own facilities to support the Midwest and Eastern United States. 

This relationship also benefits Workhorse by facilitating a soft ramp up and expansion of its manufacturing capability alongside its own vehicles. In fact, the contract is a result of multiple improvements Workhorse has made at its Union City, Ind., plant, upgrading and doubling its manufacturing floor space at the site over the past year, investing between $15-20 million. 

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