Electric and hydrogen truck pioneer, Tevva, has announced that it has successfully raised US$57 million by way of an oversubscribed private placement from new and existing investors to fit out its new London-based production facility and rapidly scale-up manufacturing.
The fundraise swiftly follows the launch of the new Tevva Truck, the company’s first 7.5 t electric truck designed for mass production, one of the first British designed 7.5 t electric trucks with hydrogen range extender intended for mass production in the UK.
First deliveries of its third-generation vehicle are scheduled from 3Q2022 to address the immediate industry need to electrify. With these funds in hand, over the coming months Tevva will complete engineering build, test and design and production line assembly and tooling.
The company intends to produce 3000 trucks per year by 2023, creating up to 1000 skilled jobs and propelling Britain’s electric truck revolution.
The global electric truck market is expected to grow from US$1.15 billion in 2020 to US$14.19 billion by 20271. By removing typical barriers to commercial electric vehicle adoption, such as affordability and range, Tevva will play an enabling role in helping global economies meet ambitious policy goals. Tevva Trucks are expected to remove 10 million t of global CO2 emissions by 2030, the equivalent of taking 1 million cars off the road.
Tevva has now raised a total of US$70 million over the past 12 months, a huge endorsement of the company’s strategy to become a global manufacturer of mid to large-size zero-emission electric trucks – capable of longer range than pure electric truck alternatives due to proprietary hydrogen fuel-cell range-extension technology.
1 https://www.grandviewresearch.com/industry-analysis/electric-trucks-market.