Fleet Financing

Tevva granted $ 57 million for the development of electric trucks

British electric truck maker Tevva has just raised US $ 57 million through an oversubscribed private placement from new and existing investors. The company says it will use the funding to outfit its new London-based production plant and quickly expand manufacturing.

Last month, Tevva Motors secured a £ 4.2million (just under € 5million) grant from the Advanced Propulsion Center (APC) to develop the next generation of medium-duty electric trucks with H2 fuel cell range extenders with a total weight of between 7.5 and 19 tonnes. In the past September, Tevva unveiled a 7.5-ton truck as its first truck, which is said to have a range of up to 250 kilometers in pure electric mode and a range of up to 500 kilometers with the HR range extender activated.

Tevva Motors said deliveries of its third-generation vehicle should be ready for the third quarter of 2022 “to meet the industry’s immediate need for electrification.” The final round of funding is expected to allow the company to complete the technical construction, testing and design, and assembly and tooling of the production line. The British company specifies that the objective is then to produce 3,000 trucks per year by 2023.

“Mass production of our third-generation truck will help fleet operators take concrete action without compromising the economy of their business and, in our opinion, can achieve the government’s ambitious goals ahead of schedule,” explained Asher Bennett, founder and CEO of Tevva. .