Zero-Emission Hard Rock Mining Pioneer Raises Capital to Support Its Rapid Expansion
Intrepid today announced that it acted as the exclusive financial advisor to Artisan Vehicles Systems, Inc. (Artisan Vehicles), the dominant manufacturer of zero-emission hard rock mining vehicles in the world, on its working capital credit facility from ExWorks Capital. Artisan Vehicles, founded in Camarillo, Calif., in 2010, is a pioneer in the future of underground mining, with its core technology of proprietary battery packs, electric motors, power electronics, software and control systems. The company has over 300,000 hours of on-the-job production operation and more than seven years of development experience.
Today’s underground mining market is dominated by diesel trucks which can cause health issues and result in significant ventilation and cooling expenses. Artisan Vehicles has seen its end users, some of the largest gold mining companies in the world, increasingly recognize the financial benefit of eliminating underground diesel emissions, which require multi-million-dollar ventilation and cooling systems to mitigate. “We believe that an inflection point in the mining industry is imminent,” said Mike Kasaba, CEO of Artisan Vehicles. “Artisan has an addressable $6 billion market and patented electric drive technology that includes a lithium battery system, powertrain components, drive control systems and gaming-changing mining methods. The company is well-poised to become the leader among the blue-chip global mining players,” further commented Steve Goldman, Artisan shareholder and advisory board member. Mr. Goldman previously served as the CEO of Power-One, Inc., a leading designer and manufacturer of power conversion products sold primarily to OEM customers in the telecommunications and server/storage markets. While at Power-One, he completed its IPO and built it into a billion-dollar company.
“Innovative players like Kirkland Lake Gold rely heavily on Artisan Vehicles’ battery powered equipment for their production and have benefited by gaining faster access to rich reserves and reducing its ventilation costs,” said Jonathan Zucker, Head of the Capital Markets Group at Intrepid. “Further, other early adopters such as Hecla Mining are in advanced stages of their equipment conversion plans and the 99% of the $6 billion primary mover market that today relies on diesel is likely to follow suit and create unprecedented demand as Artisan’s products become mainstream. We are delighted to see the company’s progress and play a role in securing capital to fund its growth.”
“Artisan Vehicles is putting the entire mining equipment industry on notice with its innovation and commitment to building the most efficient vehicles for an industry undergoing a sea of change. The company is doing for mining what Tesla did for automobiles—making electric mainstream,” remarked Jim Freedman, Chairman and Managing Director of Intrepid.
Artisan Vehicles is in discussions with several parties to obtain a significant equity growth capital investment for the rapid production of various size LHDs and haul trucks, as well as field support and other battery applications, for a wide array of multi-billion-dollar public companies with purchase orders already in advanced stages.
Deal Team Contacts
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Intrepid provides M&A, capital raising and strategic advisory services to entrepreneurs and middle-market companies in various industry sectors. Our heritage, rooted in our founders’ successful 35-year history, breeds a culture that embraces teamwork, tenacity, and creativity to win big for our clients. We believe that every company has an entrepreneurial passion that drives it and a story that defines it. Our team delivers results through skillful positioning and relentless execution. Based in Los Angeles, Intrepid augments its international capabilities through its active participation in Oaklins, an exclusive global alliance of M&A advisory firms.