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Elbow Beach Capital-backed automaker produces first prototype

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Munro is targeting production of 5,000 cars annually by 2030, but will start with 50 cars in 2023 (File photograph)

A London-based decarbonisation, sustainability and social impact investor that is named after one of Bermuda’s iconic beaches is helping a pioneering Scottish car maker go to market with an all electric, all terrain vehicle.

Elbow Beach Capital announced earlier this year that it had made an initial £750,000 pre-seed investment into Glasgow-based Munro Vehicles.

The auto maker has now unveiled the first vehicle set for production -- the Munro MK_1.

Elbow Beach said it is the “first fully electric 4X4 designed and built in the UK”.

Munro is to begin building cars next year, and plans to ramp up to produce 2,500 units annually by 2027, the BBC reported.

Jonathan Pollock of Elbow Beach Capital

Jon Pollock, CEO of Elbow Beach Capital, said at the time of the investment: “We’re delighted to be helping to bring Munro to market. Elbow Beach Capital exists to identify and support companies challenging carbon-intensive industries and delivering practical solutions, Munro is a fantastic example of this.”

Mr Pollock has become a non-executive director of Munro Vehicles.

Elbow Beach invests in early stage businesses whose technologies have the potential to solve the planet’s biggest challenges, while simultaneously achieving significant commercial growth.

The company said it believes a considerable opportunity exists to decarbonise vehicle fleets within the mining, forestry and agriculture industries, where more than 220,000 farms and 2,000 active mines in the United Kingdom alone are relying on all-terrain vehicles to carry out daily operations.

Farming alone is responsible for approximately 10 per cent of all UK greenhouse gas output, including 1.7 per cent of all carbon dioxide emissions, with mining responsible for four to seven per cent of all global emissions, Elbow Beach said.

It added that while the electrification of passenger cars has received significant investment in recent years, commercial 4X4 vehicles have been largely ignored despite the substantial carbon emissions being generated by these vehicles as a result of low fuel efficiency and reliance on diesel.

Nick Charman of Elbow Beach Capital

Elbow Beach was co-founded in 2021 by experienced investor and company chairman Nick Charman, commercial and go-to-market strategist Mr Pollock, and conservation, sustainability and environmental technology expert, Thomas Hardy.

Mr Charman is the son of veteran insurance industry leader John Charman.

The company said it was named after Elbow Beach because, over the course of their lives, each of the company’s founders has enjoyed Elbow Beach's waters, wildlife, and coral reef.

Electric 4x4: the Munro MK_1 (File photograph)
Thomas Hardy of Elbow Beach Capital

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Published December 20, 2022 at 7:31 am (Updated December 20, 2022 at 7:31 am)

Elbow Beach Capital-backed automaker produces first prototype

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