Tevva has secured $57 million of new funding that will allow it to ramp up production of electric and hydrogen trucks.
The new investment will help to fund Tevva’s plans to produce 3,000 electric trucks a year by 2023. The trucks will be manufactured at Tevva’s London-based production facility and will create up to 1,000 skilled jobs.
Asher Bennett, founder and CEO 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.”
“This funding represents a rapid response to the latest targets and commitments,” he added.
The funding follows the recent launch of the Tevva Truck, a 7.5 tonne electric truck with hydrogen range extender intended for mass production. Tevva plans to have the third-generation vehicle on the road by autumn 2022.
“Mass production of our third-generation truck will help fleet operators take tangible action without compromising the economics of their business,” said Bennett.
Tevva expects its trucks to remove 10 million tonnes of global CO2 emissions by 2030. The company uses a hydrogen fuel-cell range extension technology to compete with diesel vehicles. Over the last 12 months, Tevva has raised a total of $70 million funding.