Tevva lands $57m for electric and hydrogen trucks
Tevva has secured $57m for its new London-based production facility to scale up manufacturing of its electric and hydrogen trucks.
Raised through an oversubscribed private placement from new and existing investors, the funding follows the launch of the company’s new Tevva Truck — a 7.5 tonne electric truck with hydrogen range extender intended for mass UK production.
First deliveries of its third-generation vehicle are scheduled from Q3 2022. Tevva is set to complete engineering build, test and design and production line assembly and tooling over the coming months, with an aim to produce 3,000 trucks per annum by 2023.
In a statement, Tevva said the company will play an enabling role in helping global economies to meet policy goals by removing typical barriers to EV adoption such as affordability and range.
UK firm Tevva unveils mass production electric truck
The company expects its Tevva Trucks to remove ten million tonnes of global CO2 emissions by 2030, the equivalent of taking one million cars off the road.
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Comment: The UK is closer to deindustrialisation than reindustrialisation
"..have been years in the making" and are embedded in the actors - thus making it difficult for UK industry to move on and develop and apply...