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Tevva Truck one step closer with £42m of new funding
Tevva has raised £42.6m ($57m) in a funding round that will enable the electric and hydrogen truck manufacturer to fit out its brand new London-based production facility and rapidly scale up manufacturing.
The investment, raised through an oversubscribed private placement from new and existing investors, swiftly follows the launch of the new Tevva Truck, the company’s first British-designed 7.5-tonne electric truck with its hydrogen range extender technology, 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 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 $1.15bn in 2020 to $14.19bn by 2027. By removing typical barriers to commercial electric vehicle adoption, such as affordability and range, Tevva says it will play an enabling role in helping global economies meet ambitious policy goals. Tevva Trucks are expected to remove 10 million tonnes of global CO2 emissions by 2030, the equivalent of taking 1 million cars off the road.
Tevva has now raised a total of US$70m over the past 12 months, a huge endorsement of Tevva’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.
Asher Bennett, founder and CEO of Tevva, said: “We are thrilled 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.
“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.”