Capital for Colleagues raises GBP1.5 million for Morris EV vans

(Alliance News) - Capital for Colleagues PLC has raised GBP1.5 million for Morris Commercial Ltd to facilitate the final steps in the development of the Morris JE electric van.

The Stafford, UK-based employee-owned business specialists are investing a further GBP500,000 in Morris Commercial, alongside Morris Commercial's chief executive officer and another existing investor.

The company says this round of funding will be used for the final steps in the development of the Morris JE electric van, which first debuted as a prototype in 2022. Supplier partnerships will also be strengthened, and manufacturing and quality control systems will be implemented.

Chief executive of Capital for Colleagues, Alistair Currie, commented: "We are delighted to have successfully led this investment into Morris Commercial alongside existing shareholders.

"This funding round will allow MCL to complete additional prototype vehicles and further progress the Morris JE towards production readiness."

Morris Commercial expects the product to be delivered in early 2027.

Shares in Capital for Colleagues were last quoted at 42.50 pence each in the Aquis Stock Exchange in London.

By Abena Oppon, Alliance News reporter

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