Tevva has successfully raised $57 million (£42m) by way of an oversubscribed private placement from new and existing investors to fit out its new London-based production facility and rapidly scale up manufacturing. 

The fundraise follows the launch of the new Tevva Truck, the company’s first 7.5-tonne electric truck designed for mass production. 

First deliveries of its third-generation vehicle are scheduled from Q3 2022 and Tevva says that the additional funding will enable it to complete engineering build, test and design and production line assembly and tooling. 

The company intends to produce 3,000 trucks per annum by 2023.

Tevva has now raised a total of $70m (£52m) over the past 12 months. 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. 

“Following hot on the heels of COP26, this funding represents a rapid response to the latest targets and commitments. 

“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.”

He added: “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. 

“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.”

Tevva unveiled its new 7.5-tonne electric truck intended for mass production in the UK in September. 

Offering a range of up to 160 miles (250 km) in pure battery electric vehicle (BEV) form or up to 310 miles (500 km) with its patented range extender technology (REX), it has been upgraded to use hydrogen fuel cells.

For fleet managers concerned about range, the Tevva Truck will offer range extension technology with its REX solution available for delivery in 2023.

Its hydrogen fuel cells recharge the battery on the move, allowing the Tevva Truck with the integrated REX technology to fulfil longer duty cycles and carry heavier loads even further.