Tevva Motors has received a £10m funding injection from India's Bharat Forge, which it said will boost its global expansion plans and create further jobs at its Chemlsford, Essex plant.
The automotive firm, founded by CEO Asher Bennett, makes electric trucks in the 7.5-tonne to 14-tonne range, many of which feature range-extending technology.
This combines unlimited range from an on-board generator with smart control software to ensure minimum emissions in low-emission zones and city centres.
The company was established just over 4 years ago, with start-up capital from individual investors and a cornerstone investment from Angel CoFund, part of the government-owned British Business Bank.
Tevva’s UK-built products have been developed and trialled with parcel firm UPS since 2015, with the two firms looking to scale-up to fleet-wide trials through the DfT's Low Emission Freight and Logistics Trial.
A total of 15 range-extended iconic brown P80 delivery trucks will now be built by Tevva and used across two UPS depots. They will drive daily routes of up to 150 miles to demonstrate the technology's readiness for mass fleet rollout.
Metal manufacturer Bharat Forge has been working on its research, design and technology strategy in the electric vehicle space over the last few years and believes Tevva will strengthen its activities in regards e-mobility.
Tevva has licenced its technology to Bharat for the Indian market.
Edward Hyams, Tevva Motors chairman, welcomed the investment from BFL. “We are delighted that BFL has decided to make this major strategic investment in Tevva to support the next phase of our expansion.
"This new funding will enable us to scale up our operations in the UK and get more electric trucks onto the roads helping to meet the needs of zero-emission zones in cities such as London and Leeds, as well as internationally."
