Electric and hydrogen truck pioneer Tevva has announced that it has successfully raised US$57 millions by way of an oversubscribed private placement from new and existing investors to fit out its brand-new London based production facility and rapidly scale up manufacturing.
The new funds, which have led to 90 million dollars collected overall, will in fact allow Tevva start-up to introduce its electric trucks on the market by the end of 2022.
The fundraise swiftly follows the launch of the new Tevva Truck, the Company’s first 7.5-tonne electric truck designed for mass production, the first British designed 7.5-tonne electric truck with hydrogen range extender intended for mass production in the UK.
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.
The global electric truck market is expected to grow from $1.15 billion in 2020 to $14.19 billion by 2027. 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.
«We are thrilled – said Asher Bennett, Founder and CEO of Tevva – to have received this latest investment and excited to kick off production of our pioneering electric truck in London. 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».