Collette Stevenson MSP visits Munro Vehicles to hear how private capital is scaling Scotland's electric vehicle manufacturing sector
Collette Stevenson Member of the Scottish Parliament for East Kilbride, visited Munro Vehicles' manufacturing facility in East Kilbride to learn how venture capital investment is supporting the growth of Scotland's emerging electric vehicle manufacturing industry.
Founded in 2019, Munro is a Glasgow-based electric vehicle manufacturer developing rugged, all-electric 4x4 vehicles for use in demanding sectors including construction, mining, agriculture, utilities and defence. Established to address the lack of durable zero-emission alternatives to traditional diesel off-road vehicles, the company designs and builds its flagship M-Series platform in Scotland and has emerged as one of the UK's most significant new entrants in vehicle manufacturing.
During the visit, Ms Stevenson heard how support from Elbow Beach Capital is helping Munro Vehicles expand its Glasgow manufacturing facility, service multi-million-pound order books and roll out new prototype vehicles. Elbow Beach has also worked with the management team as the company increases production, develops its customer base and creates skilled manufacturing jobs in Scotland.
Elbow Beach is one of the UK's most active seed investors in climate technologies, backing early-stage British companies focused on clean energy, electrification, low-carbon materials, carbon capture and industrial automation.
Private capital continues to play an important role in supporting business growth across Scotland. As of 2025, private capital firms backed 639 businesses, supporting around 159,000 jobs and contributing £10.8 billion to Scottish GDP annually.
Russell Peterson, Co-Founder of Munro Vehicles, said:
"We were pleased to welcome Collette Stevenson MSP to Munro and showcase the cutting-edge hardware and software technology we’re developing. We discussed how the Scottish Government could enable public investment to lead funding rounds, attracting further private capital to Scotland to help innovative businesses like Munro grow."
Collette Stevenson, MSP for East Kilbride, said,
"It was a brilliant visit to Munro Vehicles' facility in East Kilbride and see pioneering electric vehicle manufacturing in action.
“Munro proves that Scotland can lead the way in developing durable, zero-emission transport for heavy-duty industries while securing high-skilled local manufacturing jobs. They have some ambitious plans for the future and I look forward to seeing them grow.
“Continued investment into our green manufacturing sector is vital for regional economic growth and meeting our climate targets, and I wish the entire team every success as they continue to expand production."
Michael Moore, Chief Executive of UK Private Capital, said:
"Munro Vehicles is a great example of the ambitious businesses private capital is backing across Scotland and the UK.
"Our industry plays an important role in supporting businesses that strengthen local economies, accelerate innovation and drive long-term growth.
Notes to Editors:
For further information, please contact:
UK Private Capital Press Office
Email: [email protected]
Background:
About Munro Vehicles
Munro is a Glasgow-based electric vehicle manufacturer developing rugged, all-electric 4x4 vehicles for use in demanding sectors such as construction, mining, agriculture, utilities and defence. Founded in 2019 by Russell Peterson and Ross Anderson, the company was established to address the lack of durable zero-emission alternatives to traditional diesel offroad vehicles. Its flagship M-Series platform is designed and built in Scotland, making Munro one of the most significant new entrants in the UK automotive sector.
About Elbow Beach
Elbow Beach is one of the UK's most active seed investors in climate technologies, backing pioneers of clean technology that improve industrial productivity, efficiency and outcomes. Founded in London in 2021, the firm invests in early-stage British companies across sectors including electrification, low-carbon materials, carbon capture and industrial automation. The companies Elbow Beach invests in have the potential to create real value for their customers while achieving climate targets, reflecting a strategy built on the principle that decarbonising technology must also make commercial sense to secure adoption at scale. Elbow Beach is backed by the British Business Bank and is currently deploying its second fund, targeting up to 36 early-stage British startups over the next four years.
About UK Private Capital
UK Private Capital is the industry body and public policy advocate for the private equity (PE), venture capital (VC) and private credit ecosystem in the UK. With a membership of 600 firms, we represent UK-based private capital firms, as well as their professional advisers and a large base of UK and global investors. The private equity, venture capital and private credit industry has a vital role to play in driving national and regional growth. Currently over 13,000 companies, employing more than 2.5 million people, are backed by private capital investment in the UK. 
