British electric truck manufacturer Tevva has just raised US$57 million through an oversubscribed private placement from new and existing investors. The company says it will use the financing to equip its new London based production facility and quickly scale up manufacturing.
Just last month Tevva Motors secured a £4.2 million grant from the Advanced Propulsion Centre (APC) to develop the next generation of medium-duty electric trucks with H2 fuel cell range extenders and gross vehicle weights between 7.5 and 19 tons.
A few weeks, Tevva unveiled a 7.5-ton truck as its debut truck. The Truck is supposed to have a range of up to 250 kilometers in pure electric drive and a range of up to 500 kilometers with the FC range extender activated.
Tevva Motors has said that deliveries of its third-generation vehicle should be ready for delivery Q3 2022 “to address the immediate industry need to electrify”.
The latest round of funding should enable the company to complete engineering build, test and design and production line assembly and tooling. The company says the aim is to produce 3,000 trucks per year by 2023.