Electric and hydrogen truck manufacturer Tevva is set to scale up production of its trucks after raising £42.5m from new and existing investors which will help fund the fit out of its new London-based production facility.The fundraise follows the launch of the firm’s Tevva Truck, the company’s first 7.5-tonne electric vehicle with a hydrogen range extender, which is designed for mass production and will be available from the third quarter of 2022.
This latest fundraising will allow Tevva to complete engineering build, test and design and production line assembly and tooling. It also furthers the company’s aim to become a global manufacturer of mid to large-size zero-emission electric trucks.
The global electric truck market is expected to grow from $1.15 billion in 2020 to $14.19 billion by 2027.
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The company said it plans to produce 3,000 trucks per annum by 2023, creating up to 1,000 skilled jobs and predicts it will remove 10 million tonnes of global CO2 emissions by 2030, the equivalent of taking one million trucks off the road.
Asher Bennett, founder and chief executive of Tevva, said: “We are thrilled to have received this latest investment and excited to kick off production of our pioneering electric truck in London.
“Following hot on the heels of COP26, this funding represents a rapid response to the latest targets and commitments. 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.
“Over the coming years we will continue to develop new electric and hydrogen truck technologies and execute our innovation roadmap to enable our vehicles to go further, whilst optimising driver experience and vehicle safety.
“This is a pivotal moment for our business and we welcome our new investors on board the Tevva journey, which is set to be characterised by global growth.”
