The designers of what they say will be the world’s first fully electric, driver-optional tractor has secured over US$60 million in funding to accelerate production of its vehicles.
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Following the funding, Monarch Tractor hopes to scale up its manufacturing of the MK-V model
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Monarch Tractors completed a US$61 million Series funding round following an initial $US20 million raised in March.
The brand, established by former Tesla manager Mark Schwager, received the funding from Astanor Ventures – one of the world’s leading sustainable food ventures, with additional contributions from CNH Industrial, At One Ventures and Trimble Ventures.
Monarch says the funding will go toward accelerating the production and deployment of the smart tractors and expanding its manufacturing footprint in order to meet growing global demand.
Interest in Monarch Tractors has continued to grow among farmers who hope to achieve their economic and sustainability goals and has resulted in increased community support and investment in the machines.
International pilot test programs will also be launched to ascertain regional market validation, with Monarch expected to expand its footprint into South America, Europe, and Asia.
Astanor Ventures spokesperson Hendrik Van Asbroeck says there is a need to identify more sustainable alternatives in the tractor market.
“Monarch is transforming what is arguably the most important vehicle on the planet, tractors,” Van Asbroeck says.
“Tractors emit 14x more than a car and have not seen the same wave of digital innovation as we have seen in the automobile industry.
“Beyond delivering an affordable, clean and autonomous solution, Monarch‘s tractors capture detailed on-farm data to enable the sustainable and efficient farms of the future.”
Monarch tractor co-founder and chief executive Praveen Penmesta says the funding will make the electrification and automation of tractors a possibility.
“Fruit and vegetable farmers have long been ignored in the electrification and automation movement, and that’s why the Monarch platform is built with them in mind,”
“Due to the ever-increasing labour challenges, sustainability concerns, and food traceability and scrutiny issues farmers face, we have experienced great demand for the unique solutions Monarch Tractor offers.”
Monarch Tractor vehicles produce zero emissions while also addressing the labour shortages faced by the agricultural industry as a driver-optional machine that allows operators to manage the tractor from anywhere.
The tractors are also equipped with a full camera and sensor suite to map and tag every crop in a field. A historical record of all farm seasons can also be accessed.
Monarch Tractor’s first model, the MK-V, produced 70 horsepower at its peak and can operate for ten hours on a full charge.