UK electric and hydrogen truck startup Tevva has raised over GBP42mln (US$57mln) from new and existing investors to complete its new London factory and begin manufacturing of its first mass-produced vehicle.
The funding round takes its total new cash to US$70mln over the past 12 months.
In September the company unveiled the 7.5 tonne Tevva Truck, an electric battery-powered truck with a range of up to 160 miles that can be extended up to 310 miles (500 km) with its hydrogen range extender.
First deliveries of this vehicle, which the company intends for mass production, are scheduled from the second half of next year.
With its new funding, the company said it will complete the build-out of its production line at its plant in the London Thames Freeport area to prepare to churn out 3,000 trucks per year by 2023.
The electric truck market is estimated to grow from just over US$1bn in 2020 to over US$14bn by 2027, according to Grand View Research.
Founder and CEO Asher Bennett, a former Israeli Navy submarine officer, said: “We are thrilled to have received this latest investment and excited to kick off production of our pioneering electric truck in London.
He added: “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.”
Tevva’s engineered team is led by Ken Scott, formerly engineering director at Bentley, with the truck styled by Dale Grewer, the former chief designer at Jaguar Land Rover.