Tevva raises $15m to ramp up electric truck production.
The hydrogen truck manufacturer secured the capital to fund upcoming vehicle production lines.
≈ £12.2M at $1 = £0.8153 on 24 Jun 2022
Tevva manufactures hydrogen and battery-electric trucks designed to reduce emissions in the commercial freight sector.
London-based hydrogen truck manufacturer Tevva has secured $15m in funding to accelerate the production of its commercial electric vehicles. The latest investment follows a $57m raise in November 2021, bringing the company total funding to $140m.
The fresh capital will be deployed to support the production rollout of the company 7.5-tonne all-electric truck starting in the third quarter of this year. Additional funds will go towards developing its 7.5-tonne hydrogen-electric model, alongside upcoming 12-tonne and 19-tonne vehicle programmes.
Tevva operates in a growing market for zero-emission commercial transport as logistics operators seek alternatives to diesel fleets. The company combines battery technology with hydrogen fuel-cell range extenders to extend vehicle operating range.
Use of funds
- 01Continue product development
- 02Scale operations