Electric truck maker Tevva collects $12.5Mn in financing
The UK-based truck manufacturer Tevva Motors closed a $12.5 million financing round which was oversubscribed. They will use the funds to continue the development and rollout of the mid to large-size range-extended electric trucks.
The new investment corresponds to over ten million euros or close to 9 million pounds at current exchange rates. “The passion in the market for EV freight truck technology is incredibly apparent,” said Asher Bennett, Tevva’s Founder and CEO. “From a commercial standpoint, delivery trucks are a $100 billion global market and demand for a cost-effective, zero-emission solution is growing by the day. With this raise, we will be better positioned to meet that demand.”
Tevva first made waves back in 2016, when the UK-based company retrofitted a JAC diesel truck with their range-extender system. Only a month later, the company started accepting orders. Still, it would take until 2019 for us to hear any further news, when the British UPS took note of the technology and had it integrated into a small fleet for diesel delivery vans. Soon after, Tevva announced their EV starter set, which would “enable logistics fleets to commence electrification of medium-duty HGVs across Europe”. They want to launch the programme this Spring, for which Tevva Motors now closed their financing round.
Investment has also been made into diversifying the electric truck offer by Tevva – not only medium- and heavy-duty trucks are to be available, but Tevva is also working with food retailer Savona to develop an electric refrigerator truck. Their portfolio also includes the battery and BMS, with the REx being one option to the drive that otherwise claims a range of 150 km for smaller trucks and vans.
The fresh financing will likely benefit the entire venture as the British truck manufacturer expands its EV portfolio to suit various customers’ needs across the European continent. No further plans have been announced to expand to markets beyond Europe for the time being.