London-based Tevva, a technology and electric truck company that claims its range-extension innovation allows its medium and heavy-duty electric trucks to go further than the competition at lower cost, has raised $57M (approx €50.78M) in a fresh round of funding.
Including the current round, Tevva has raised a total of $70M in the past 12 months.
The funding comes after the launch of the new Tevva Truck, a 7.5-tonne electric truck that has a hydrogen range extender intended for mass production in the UK.
Capital utilisation
The oversubscribed fund came from new and existing investors to fit out Tevva’s new London based production facility and rapidly scale up manufacturing.
Asher Bennett, Founder and CEO of Tevva, says, “We are thrilled to have received this latest investment and excited to kick off production of our pioneering electric truck in London. 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.
Bennett adds, “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, while optimising driver experience and vehicle safety. This is a pivotal moment for our business and we welcome our new investors on board the Tevva journey, which is set to be characterised by global growth.”
The company intends to produce 3,000 trucks per annum by 2023, creating up to 1,000 skilled jobs and propelling Britain’s electric truck revolution.
In a statement, the company reported that the first deliveries of its third-generation vehicle are scheduled from Q3 2022. With this fresh capital, Tevva will complete engineering build, test and design, and production line assembly and tooling over the coming months.
Leading the drive to zero-emissions freight
Founded in 2012 by Asher Bennett, Tevva is an electric truck company with a spectrum of options for zero-emission medium to heavy-duty trucks.
The company aims to become a global manufacturer of electric trucks that are capable of longer range than pure electric truck alternatives due to its proprietary hydrogen fuel-cell range-extension technology.
The company says, “Our revolutionary hydrogen fuel-cell range extension technology allows our vehicles to do all the work of a diesel, with total peace of mind about cost, range and environmental impact. We have vehicles on the road already, getting the job done, and are focused on optimising green hydrogen solutions as part of our proposition.”
Tevva says that by removing barriers to commercial electric vehicle adoption, such as affordability and range, it will play an enabling role in helping global economies meet ambitious policy goals. The company’s trucks are expected to remove 10 million tonnes of global CO2 emissions by 2030, the equivalent of taking 1 million cars off the road.
Last month, the company received £4.2M, the majority share of a £5.7M total grant from the UK’s Advanced Propulsion Centre (APC). The fund was to finance the development of Tevva’s next generation, zero-emission, long-range medium duty trucks (7.5 to 19t Gross Vehicle Weight).