Scottish electric vehicle manufacturer Munro EV has secured £2 million in new investment from existing backer Elbow Beach and other investors to accelerate production of its all-electric M-Series 4x4s, designed for use in mining, defence, and construction.
The fresh funding round will help the company scale production capacity at its Glasgow facility, with up to 300 new manufacturing jobs expected to be created to fulfil a backlog of 246 preliminary customer orders worth £17.4 million.
The investment marks a key step in Munro’s ambition to capture a fast-growing niche in the global electrification push: heavy-duty, all-terrain vehicles capable of replacing diesel fleets in some of the world’s most demanding industries.
While electric cars have gained widespread adoption in the consumer market, industrial and off-road sectors have lagged behind. Mining alone accounts for 4–7% of global carbon emissions, and its fleets remain overwhelmingly diesel-powered.
Munro’s M-Series aims to change that. The company’s flagship model delivers a 1,000kg payload, 170 miles of real-world range, and is engineered specifically for extreme operational environments—from open-pit mines to military test ranges.
The first vehicles have already been delivered to Gleneagles Hotel and Denbighshire Council, and the company plans to scale up to 5,000 units per year within six years.
“This investment validates the critical need for zero-emission solutions in heavy industry,” said Russel Peterson, Co-founder and CEO of Munro EV.
“Mining companies, defence interests, and construction firms are actively seeking alternatives to diesel-powered vehicles. The M-Series delivers capability, durability, and sustainability—without compromising performance.”
Peterson added that Munro’s design also aligns with the UK Ministry of Defence’s Land Mobility Strategy, which aims to replace ageing Land Rover and Pinzgauer vehicles with cleaner, more capable options.
“Our M-Series can meet those requirements while being more capable, quieter and cleaner. This is not a lifestyle vehicle; it’s engineered from the ground up to perform in the harshest conditions,” he said.
Funding to fuel growth and innovation
The new £2m capital injection will be deployed to:
• Expand production line capacity at the Glasgow facility
• Recruit additional engineering and assembly staff
• Develop industry-specific vehicle variants
• Grow Munro’s sales and service network across target sectors
JP, Co-founder and CEO of Elbow Beach, praised Munro as “a standout example of Scottish advanced manufacturing,” adding: “Through its focused approach, Munro is delivering a capital-light solution that accelerates decarbonisation while driving meaningful commercial benefits for the real economy.”
Founded in 2019, Munro EV has carved out a distinctive position within the UK’s fast-evolving EV ecosystem. As major manufacturers focus on passenger cars, Munro has concentrated on low-volume, high-performance electric utility vehicles that meet the demands of industry, defence, and emergency services.
The company’s progress also supports the Scottish Government’s Net Zero Industrial Strategy, which targets job creation and technological innovation in sustainable manufacturing.
“Our vehicles are built to do hard work in hard places,” Peterson said. “Scotland has a long heritage of engineering and manufacturing excellence, and we’re proud to be building on that foundation to shape the next generation of electric mobility.”
Paul Jones
Harvard alumni and former New York Times journalist. Editor of Business Matters for over 15 years, the UKs largest business magazine. I am also head of Capital Business Media’s automotive division working for clients such as Red Bull Racing, Honda, Aston Martin and Infiniti.
