The UK electric truck manufacturer Tevva has just raised US$57 million through an oversubscribed private placement from new and existing investors. The company says it will use the financing to equip its new London based production facility and quickly scale up manufacturing.
Just last month Tevva Motors secured a £4.2 million (just under 5 million euros) grant from the Advanced Propulsion Centre (APC) to develop the next generation of medium-duty electric trucks with H2 fuel cell range extenders and gross vehicle weights between 7.5 and 19 tonnes. In September just passed, Tevva unveiled a 7.5-tonne truck as its debut truck, which is supposed to have a range of up to 250 kilometres in pure electric drive and a range of up to 500 kilometres with the FC range extender activated.
Tevva Motors has said that deliveries of its third-generation vehicle should be ready for delivery Q3 2022 “to address the immediate industry need to electrify”. The latest round of funding should enable the company to complete engineering build, test and design and production line assembly and tooling. The British company says the aim is then to produce 3,000 trucks per annum by 2023.
“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,” explained Asher Bennett, Founder and CEO of Tevva.
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