Autonomous industrial EV platform drives $57 Series B

Freight and delivery vehicle manufacturer Applied Electric Vehicles (AEV) has raised US$40 million (A$57m) in a Series B. 

The federal government’s National Reconstruction Fund (NRF) covered more than half the raise, kicking in $30.7 million, supported by Barrenjoey, Japan Post Capital, existing backers Suzuki Motors Corporation and St Baker and others.

The Melbourne vehicle manufacturer, founded in 2015, previously raised $40.5 million including $21m from Suzuki in 2022.

The capital will be used to manufacture, commercialise and scale deployment of AEV’s “Blanc Robot” autonomous electric vehicles for industrial, logistics and other commercial purposes. 

AEV’s Generation 6 Blanc Robots, released 12 months ago, feature a cab-less design and flat chassis that can be configured for multiple use cases. They also have the potential to be used for mining operations in remote, hazardous and difficult-to-access areas.

CEO and cofounder Julian Broadbent said other use cases include last mile logistics or industrial conditions that might be dull, dirty, difficult or dangerous for human drivers. 

“This support not only accelerates our mission to scale the Blanc Robot and autonomous mobility solutions globally but also validates the vision that brought us here in the first place,” he said.

“When traditional automotive manufacturing left Australia, we saw an opportunity, tapping into the wealth of local engineering talent and building something truly innovative from the ground up.”

Transport a priority

NRF CEO David Gall said it’s the fund’s first investment in transport, one of its priority areas.

“AEV’s product pipeline, commercial contracts and partnerships with industry leaders will allow it to quickly scale its business,” he said.

“We are proud to be investing in a company that commercialises Australian innovation, builds the country’s manufacturing capabilities, and creates highly-skilled jobs.” 

Under the company’s current manufacturing plan, the chassis of AEV’s autonomous vehicles is provided by Suzuki Motor Corporation while the proprietary electronic components and software manufactured and installed in Australia to create the autonomous vehicles. 

Applied EV cut its workforce by more than 40% over the last 12 months and currently employs 113 people. The new funding is expected to create 25 new skilled trade, technical and commercial jobs in Melbourne.