Tevva, an electric and hydrogen truck manufacturer, is thrilled to announce that it has successfully acquired $57 million from new and current investors in an oversubscribed private placement to build out its brand-new London-based production facility and swiftly scale up manufacturing.
This comes on the heels of the introduction of the new Tevva Vehicle, the company’s first 7.5-Ton electric truck built for mass production, as well as the first British-made 7.5-Ton electric truck with a hydrogen range extender planned for mass production in the UK.
To address the current industry requirement for electrification, the company plans to begin deliveries of its third-Generation vehicle in Q3 2022. With these finances in hand, Tevva will finish engineering, construction, testing, and Design, as well as production line assembly and tooling, over the next few months.
The company wants to build 3,000 vehicles per year by 2023, generating up to 1,000 skilled employment and catalyzing the electric truck revolution in the United Kingdom.
The global market for electric trucks is predicted to expand from $1.15 billion in 2020 to $14.19 billion by 20271. Tevva will assist global economies reach ambitious policy goals by reducing usual impediments to commercial electric vehicle adoption, such as pricing and range. Tevva Trucks is predicted to reduce worldwide CO2 emissions by 10 million tons by 2030, the equivalent of removing 1 million automobiles off the road.
Tevva has now raised a total of US$70 million in the last year, a huge endorsement of the company’s strategy to become a global manufacturer of mid- to large-size zero-emission electric trucks that can travel further than pure electric truck alternatives thanks to proprietary hydrogen fuel-cell range-extension technology.
“We are happy to have obtained this additional investment and enthusiastic to begin up manufacturing of our pioneering electric truck in London,” Asher Bennett, Tevva’s Founder and CEO, stated. This investment comes on the heels of COP26 and is a quick reaction to the current aims and pledges. The mass manufacture of our third-Generation truck will enable fleet owners to take concrete action without jeopardizing their business’s finances, allowing us to meet aggressive government objectives ahead of schedule, we hope.
“Over the next few years, we’ll continue to develop new electric and hydrogen truck technologies and implement our innovation roadmap to enable our vehicles to travel further while improving driver enjoyment and vehicle safety,” says the company. This is a critical juncture in our company’s development, and we are delighted to welcome our new investors on board the Tevva adventure, which promises to be marked by worldwide expansion.”