ZEVX Closes $20M+ Funding Round, Appoints Don Listwin as CEO

GILBERT, AZ — February 16, 2023 — ZEVX®, Inc., the worldwide leader in intelligent EV power system delivery, today announced closing over $20M in the first tranche of a funding round led by Reynolds Capital. In addition, the company announced the appointment of Don Listwin as CEO, Kevin J. Kennedy as Chairman and independent Board member, as well as David L. Shimek and Sidney Haider, of The Reynolds and Reynolds Company, as new Board members.

With others participating, today's funding tranche was led by Reynolds Capital. Reynolds Capital is the investment arm of The Reynolds and Reynolds Company, the leading provider of automobile dealership software, services, and forms to help dealerships deliver better business results and transform the customer experience.

ZEVX is a rapid innovator in battery electric power systems and data intelligence for e-mobility applications. The company has a series of premier battery electric powertrain and power system products that quickly migrate Class 2-6 commercial fleet assets and auxiliary power tools to zero carbon. ZEVX's platinum service mission starts with customers, operating through a deep partner network using existing automotive service infrastructure and tier 1 fleet management companies (FMCs).

Don Listwin joins ZEVX as CEO after serving as Executive Chairman. He spent a decade at Cisco Systems, where he served as executive vice president building several multi-billion-dollar lines of business, and previously held CEO roles with Sana Security, Openwave Systems, and RapidAI. Prior ZEVX CEO and Co-Founder Carolyn Maury has assumed the roles of CFO and CAO.

“As the world begins to embrace the massive overall move toward EV technology, ZEVX is leading the transformation of commercial fleets of all sizes toward electric and zero carbon,” said Don Listwin, CEO of ZEVX. “To my mind there is no more impactful and promising business to be in right now. This new round of funding, with the addition of proven difference makers on the Board and the Executive Team, just adds to the momentum ZEVX has already achieved.”

ZEVX welcomes three new members to its Board of Directors. Kevin J. Kennedy joins as Chairman and independent Board member. With an MS and a PhD in engineering, Kennedy has held prior roles as CEO of Avaya and JDS Uniphase Corporation, among others. David L. Shimek, Senior Vice President of Corporate Development at The Reynolds and Reynolds Company, and Sidney Haider, founder of AddOnAuto and Senior Vice President of Mergers and Acquisitions for The Reynolds and Reynolds Company, also join the board.

“We always look to invest in difference makers focusing on technology innovations that fill proven market needs and have the potential to open new opportunities for the automotive retail industry,” said David L. Shimek, Senior Vice President of Corporate Development at The Reynolds and Reynolds Company. “We’re encouraged by ZEVX’s bright future and capability to drive existing truck fleets toward a cleaner and more economical future. And we're excited to contribute to ZEVX’s growth and direction, as it fills a niche not being met in the marketplace today.”

For more product and services information, visit zevx.com.

About ZEVX

ZEVX® is the worldwide leader in delivering intelligent EV systems powering commercial class 2 to 6 vehicles, power takeoff, reefer refrigeration, and EV infrastructure such as charging stations. ZEVX has a series of battery electric powertrain and power system products that quickly migrate commercial fleet assets to zero carbon. ZEVX supports customers through a deep partner network using existing automotive service infrastructure, providing rapid adoption via installation partners and advanced data intelligence to optimize the carbon transition.

About Reynolds Capital

Reynolds Capital invests in early stage businesses positioned to shape the future of the automotive industry with innovative and groundbreaking technologies. Whether in data science, artificial intelligence, cybersecurity, or beyond, Reynolds Capital fosters opportunities that create new value in transportation. The firm, headquartered in Houston, Texas, is the investment arm of The Reynolds and Reynolds Company.