Orange EV closed a $100 million senior secured revolving credit facility led by Wells Fargo, to fund working capital, OptiGrid charging expansion, and growth in its rental and leasing business amid surging demand for its electric terminal trucks.
Orange EV announced a $100 million senior secured revolving credit facility led by Wells Fargo Bank, N.A. (via Wells Fargo Capital Finance). The facility strengthens the company’s balance sheet and expands liquidity primarily for working capital, continued expansion of its OptiGrid subsidiary, and growth of its rental and leasing platform. It supports accelerated production of electric terminal trucks and the Orange Juicer battery integrated charger amid strong demand.
What is Orange EV?
Orange EV, founded in 2012 and based in Kansas City, Kansas, manufactures purpose built Class 8 zero emission terminal (yard) trucks for ports, rail yards, distribution centers, and logistics facilities. Its vehicles (e-TRIEVER and HUSK-e models) are optimized for repetitive, high duty cycle yard operations rather than long haul use. The company provides a turnkey solution that includes trucks, on-site service, and charging infrastructure.
Key operational metrics at the time of the announcement include:
- More than 2,000 electric terminal trucks deployed across 43 U.S. states, Canada, and the Caribbean.
- Over 36 million miles and 14 million hours of operation.
- Average uptime of approximately 97% (with some fleets reporting higher, such as 98.8% in specific pilots).
- Recent production scale-up from roughly 35 trucks per month (early in the new facility) to about 120 per month.
- Workforce of around 505 employees (as of mid 2026 reporting), with ongoing hiring.
- Facility capacity of up to 2,400 trucks per year on a single shift.
The company has moved beyond early adopter pilots into large scale fleet standardization. Recent milestones in the two months preceding the announcement include a record single order for 600 trucks, a 40-truck order from APM Terminals (Pier 400, Los Angeles, expanding an existing pilot fleet), and delivery of the 2,000th truck (to Coke Canada Bottling). Leasing activity had grown 272% over the prior 12 months. Orange EV stated it is on track for one in four new yard trucks purchased or leased to be an Orange EV unit.
Prior equity funding was modest relative to current scale (a $35 million institutional round in 2022 led by S2G Ventures and CC Industries/CCI). The shift to a substantial bank-led revolving credit facility signals greater balance sheet maturity and bank confidence in cash flow generation and asset quality.
The capital targets three interconnected growth areas:
- Working capital for manufacturing scale-up: Supporting the tripling of production rates, inventory, and fulfillment of large orders (including the 600-unit deal with deliveries underway in 2026). Higher volumes require more capital for components, labor, and logistics in a capital intensive heavy vehicle business.
- OptiGrid expansion and Orange Juicer production: OptiGrid, Orange EV’s subsidiary focused on battery integrated DC fast charging, addresses the primary remaining barrier to fleet electrification: utility capacity constraints, long interconnection timelines, and high infrastructure upgrade costs. The Orange Juicer (and related Reservoir technology) uses an integrated battery (around 180 kWh) that slowly charges from existing site power (5–50 kW) and delivers high power output (up to 200 kW). This “garden hose in, fire hose out” approach enables deployment in days or weeks rather than months or years, reduces grid draw by up to 85% for equivalent charging capacity, and supports multiple vehicle types beyond terminal trucks. Production of the Orange Juicer is ramping to meet demand; the facility provides liquidity for that scale-up and broader OptiGrid commercialization into microgrids, energy storage, and other DC applications.
- Rental and leasing platform growth: Expanding flexible financing options for customers lowers the capital barrier to adoption, preserves fleet operators’ balance sheets, and generates recurring revenue for Orange EV while accelerating deployment velocity. Strong leasing growth already demonstrated the model’s appeal.
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Wells Fargo described the facility as a flexible capital solution aligned with Orange EV’s strategy across manufacturing, infrastructure solutions, and fleet services.
The financing arrives as yard electrification shifts from experimentation to operational standard for many large logistics and port operators. Total cost of ownership advantages, lower fuel and maintenance costs, high uptime, and durability (many trucks exceeding 30,000 hours on original battery packs), have proven compelling even without federal purchase incentives in some periods. Emissions reductions and operational predictability further support adoption at scale.
By pairing trucks with rapidly deployable charging, Orange EV reduces the risk that infrastructure bottlenecks slow its vehicle sales. The integrated model (vehicle + charger + service) creates a higher margin, stickier customer relationship and opens adjacent markets for OptiGrid.
As a private company, detailed terms (interest rate, covenants, maturity, utilization, or exact security package) were not disclosed. The senior secured revolving structure is typical for growth stage manufacturers needing flexible working capital capacity rather than long term project financing. Bank sponsorship by a major institution like Wells Fargo indicates underwriting confidence in the company’s receivables, inventory, and overall credit profile after years of commercial operation and demonstrated order flow.
The $100 million facility provides the liquidity runway for Orange EV to convert recent large orders and production ramp into sustained market share gains in electric terminal trucks while commercializing a differentiated charging solution that removes a key industry bottleneck. It marks a transition from venture backed scale-up to bank-supported operational growth in a segment where proven reliability and total economics are driving rapid adoption.
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