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.
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.
“Following hot on the heels of COP26, this funding represents a rapid response to the latest targets and commitments,” said Asher Bennett, founder and CEO of Tevva.
“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.”
Bennett added that the company will develop new electric and hydrogen truck technologies over the coming years, and execute its ‘innovation roadmap’ to ensure its vehicles go further whilst optimising driver experience and vehicle safety.
Tevva has now raised a total of $70m over the past year, described as an endorsement of its strategy to ‘become a global manufacturer of mid to large size zero-emission electric trucks, capable of longer range than pure electric alternatives due to proprietary hydrogen fuel-cell range extension technology.’