Chelmsford-based firm claims it has developed a technology that allows vehicles to “break the range barrier for electric battery propulsion” in freight vehicles
E-truck company Tevva has raised $12.5m from private investors in an oversubcribed funding round designed to help it ramp up development of zero emission freight vehicles.
The UK company announced yesterday that it plans to use the fresh investment to gear up for series production of its 7.5-19T (class 5-8) zero emission truck, a model it claims can drive further than other e-trucks for a fraction of the cost, thanks to patented range-extension technology inspired by submarine technology.
Tevva founder and chief executive Asher Bennett said the capital injection would help the company meet growing demand for zero emission vehicle delivery trucks, which have historically been more difficult to electrify than smaller vehicles and private cars due to their heavier loads, longer ranger requirements, and more intense use.
“Commercial trucks were an emissions problem waiting to be solved,” he said. “Truck transport is a major contributor to greenhouse gas emissions. Our corporate mission is zero emissions for freight, in urban environments as well as cross-country. From a commercial standpoint, delivery trucks are a $100bn global market and demand for a cost effective, zero emission solution is growing by the day. With this raise, we will be better positioned to meet that demand.”
Tevva confirmed it planned to supply “some of the world’s largest truck fleets” with its range of 7.5-19T trucks, noting that its technology meant that mid- to large-sized e-trucks can match the performance of a diesel alternative “more economically and efficiently than ever before”.
“The passion in the market for EV freight truck technology is incredibly apparent,” Bennett added. “Once we were able to break the range barrier for electric battery propulsion – which we did by utilising the concepts I had learned as a submarine officer in the Israeli Navy – investors have continued to vote with their wallets and customers have put more than 230,000 kilometers on our trucks now on the road.”
Read more: businessgreen.com