JM Wave develops repowering technology to convert older diesel/internal-combustion trucks into electric trucks, and has developed a domestically first commercial battery-exchange (swap) system. The company received a regulatory sandbox demonstration exception tied to its technology and is pursuing certification of its modified electric trucks through the Korea Automotive Testing & Research Institute under the Ministry of Land. JM Wave plans to commercialize a 1-ton last-mile electric truck slated for 2024 and will use the funding to run demonstration projects and expand deployment. The company intends to accelerate global expansion into North America and Southeast Asia. Following the latest round, JM Wave’s cumulative funding totals ₩5.0 billion. Executives stated they aim to complete the certification process by March and target product improvements and sales in the second half of the year.

Total raised

$2M

Funding rounds

1

Latest round

Series A

Latest activity

Feb 2024