Electric and hydrogen truck company, Tevva, has raised US$57m by way of an over-subscribed private placement from new and existing investors to fit out its new London based production facility and scale up manufacturing.
The fundraising follows the launch of the new Tevva Truck, the company’s first 7.5-tonne electric lorry designed for mass production.
The company says it is the first British-designed 7.5-tonne electric truck with hydrogen range extender intended for mass production in the UK.
First deliveries of its third-generation vehicle are scheduled from Q3, 2022. With the funding in hand, Tevva will complete engineering build, test and design, as well as production line assembly and tooling during the coming months.
The company intends to produce 3,000 trucks per annum by 2023, creating up to 1,000 jobs.
The global electric truck market is expected to grow from US$1.15bn in 2020 to US$14.19bn by 2027, maintains Tevva. The manufacturer has now raised a total of US$70m during the past 12 months.
“We are thrilled to have received this latest investment and excited to kick off production of our electric truck in London,” said Tevva founder and CEO, Asher Bennett.
“Following hot on the heels of COP26, this funding represents a rapid response to the latest targets and commitments. Mass production of our third-generation truck will help fleet operators take tangible action without compromising the economics of their business and, we believe, can enable ambitious government targets to be met ahead of schedule.
“Over the coming years we will continue to develop new electric and hydrogen truck technologies and execute our innovation roadmap to enable our vehicles to go further, whilst optimising driver experience and vehicle safety.”