By way of an oversubscribed private placement from new and existing investors, Tevva has successfully raised US$57 million to fit out its new London-based production facility and rapidly scale up manufacturing.
As soon as Tevva Truck, the Company’s first 7.5-ton electric truck designed for mass production, was unveiled earlier this month, the company immediately launched a crowdfunding campaign to help fund the project.
The company expects to begin delivering its third-generation vehicle in Q3 of 2022 in order to meet the industry’s immediate need to electrify. Over the next few months, Tevva will complete engineering, testing, and design, as well as the assembly and tooling of the production line.
The company plans to produce 3,000 trucks a year by 2023, creating up to 1,000 skilled jobs and advancing the electric truck revolution in Britain.
According to industry forecasts, the global market for electric trucks will increase from $1.15 billion in 2020 to $14.19 billion in 2027. Affordability and range are two of the most common barriers to commercial electric vehicle adoption, and Tevva will help global economies meet ambitious policy goals. Ten million tonnes of CO2 emissions will be removed from the atmosphere by 2030, the equivalent of removing one million cars from the road.
More than $70 million has been invested in Tevva’s strategy to become a global manufacturer of mid-to-large-size zero-emission electric trucks – capable of a longer range than pure electric trucks due to Tevva’s 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.”