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Tevva, British Electric Truck Startup Raises $57 Million In Funding

TNI || New Delhi || 17th Nov 2021


Tevva, the British Electric Truck Startup, has confirmed that it has raised $57 million in the latest round of funding to elevate the production at its new London plant and thereby deliver the first set of vehicles by the end of next year.

Overall in funding, Tevva has raised more than $90 million to date.

The British truck maker has plans to offer two zero-emission models, a battery-electric model that will have a range of 257 km and an electric truck having a small reserve hydrogen fuel cell that will enhance its range to around 310 miles more.

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The Chief Executive of Tevva, Asher Bennett has said that the backup hydrogen fuel cell will offer great flexibility to customers in case any of their trucks have to travel far distances.

However, hydrogen fueling infrastructure is still at a very nascent stage, and hence, Tevva can offer fuel for the time being. Bennett, in a statement given to Reuters, said that they expected most of the customers to opt for reserve hydrogen fuel cells as they would be sceptical of the range when it comes to a pure electric mode.

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He added that their company understands how the trucking world goes about doing things and the huge risk of range limitation is a difficult challenge for many other companies to overcome.

Tevva is looking to manufacture several trucks by next year-end and has a target of producing 3000 trucks on an annual basis by 2023.

There are also plans to come up with a series of small factories to make production as close to the customer as it can be. As per Bennett, once the London plant of Tevva is fully operational, they would plan sites across North America and the European Union as well.

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