|“Partnering with Seismic will allow us to expand our lead in CircularEV™ solutions with our low-CAPEX, decentralized, train-the-trainer approach to electrifying trucking fleets,” said Evolectric Co-founder, Co-CEO, and CFO Jakson Alvarez. “Our customers will benefit from greater efficiencies, lower operating costs, and the latest smart EV technology.”
Seismic Capital has officially executed a letter of intent, and the team is now conducting due diligence and negotiating final agreements as we work towards an anticipated Q4 2023 closing. Although Evolectric has not formally joined the Seismic team, we are already providing limited support: the “Seismic Solution.” As Evolectric integrates, Seismic will be providing a full suite of administrative services, including HR, benefits, accounting, and legal support, allowing Evolectric to focus on their technology, accelerate conversion process, and expand production.
“We are extremely impressed with Evolectric’s nimbleness in assembling its advanced technology and production team to build its circular EV business,” said Seismic President and Chief Investment Officer Eric White, who was previously a transportation lobbyist. “The combination of Seismic’s investment banking and transportation experience will help Evolectric enter the next stage of its growth and navigate the complex regulatory environment to meet emissions standards.”
Evolectric is set to become the second company in our growing portfolio. An investment in Seismic Capital is an investment in our entire portfolio of companies, as we build it. Unlike most venture funds, this investment is open to investors of all backgrounds and levels of experience and income.
We’re inviting investors like you to join us as we pursue our mission of “VC for all.”