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Tevva has raised $57 million in funding in order to start production of its new 7.5-tonne electric trucks from its base in Tillbury.
The first deliveries of the third-generation Tevva truck are scheduled to be in Q3 2022. With these new funds, Tevva will complete the engineering build, test and design, and production line assembly and tooling.
The company plans to produce 30,000 trucks a year by 2023 and create up to 1,000 skilled jobs in the process.
“We are thrilled to have received this latest investment and excited to kick off production of our pioneering electric truck in London,” says Asher Bennett, founder and CEO Tevva.
“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 Trucks are expected to remove 10 million tonnes of global CO2 emissions by 2030, the equivalent of taking 1 million cars off the road. The trucks do not rely on pure battery power, however. Instead, they include a hydrogen fuel cell range extender to alleviate the issues caused by long charging times whilst remaining carbon-free.
Tevva has now raised a total of $70 million over the past 12 months and remains committed to improving its truck despite the impending start of production.
“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,” continues Bennett.
“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.”
Auto Futures caught up with Bennett at MOVE 2021 and talked about the companies ambitious expansion plans through Europe and the benefits of hydrogen compared to grid electricity.