Tevva raises cash for production
As we reported back in October, Tevva is a UK electric truck start-up that some real cred and now it has raised enough capital to start productionElectric and hydrogen truck pioneer Tevva has announced that it has successfully raised more than £42 million ($A78m) by way of an oversubscribed private placement from new and existing investors to fit out its new London based production facility and rapidly ramp up its manufacturing.
The fund-raising 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.
First deliveries of its third-generation vehicle are scheduled from Q3 2022 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 firm intends to produce 3000 trucks per year by 2023, creating up to 1000 jobs and propelling Britain’s electric truck revolution.
Announcing the raising of the funds, founder and CEO of Tevva, Asher Bennett said: “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.
“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. 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,” Mr Bennett added.
Tevva says the global electric truck market is expected to grow from $1.15 billion in 2020 to $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.
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