British electric truck startup Tevva raises $57 mln in funding

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LONDON, Nov 16 (Businesshala) – British electric truck startup Teva said on Tuesday it has raised $57 million in its latest funding round to ramp up production at its new London plant and deliver its first vehicles to customers by the end of 2022.

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Tevva has now raised over $90 million.

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The British truck maker will have two zero-emissions 7.5 ton (7,500 kg) models available to customers – a battery electric model with a range of 160 miles (257 km), and an electric truck with a small reserve hydrogen fuel cell. 310 miles if necessary.

Tevva chief executive Usher Bennett told Businesshala that the backup hydrogen fuel cell will provide customers with more flexibility in the event any of their trucks need to travel further.

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Since the hydrogen fueling infrastructure is still in its infancy, Teva can provide fuel as a service to customers.

Bennett told Businesshala that the company expected most customers to opt for the reserve hydrogen fuel cell because they were wary of the limited range of pure electric models.

“We understand how the truck world operates and it is very difficult for a lot of companies to overcome the big risk of that range limitation,” he said.

Facing fossil-fuel vehicle restrictions, truck fleets are looking for viable zero-emissions options to deliver goods to businesses and consumers.

UPS, the world’s largest package delivery company, currently uses Teva’s 15 test model trucks.

Tevva intends to produce several hundred trucks by the end of 2022 and aims to produce 3,000 trucks annually by 2023.

Bennett said the company plans a series of smaller factories to make the trucks closer to customers. Once Teva’s London plant is operational at scale, he said the company will look at more sites in North America and the European Union. (Reporting by Nick Carey Editing by Mark Potter)

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