LONDON/BATILLY, France: Electric and hydrogen truck developer Tevva has raised an additional US$57 million from new and existing investors to establish a new manufacturing facility.
The company has now raised a total of US$70 million over the past 12 months in a bid to become a global manufacturer of mid to large-size zero-emission electric trucks – capable of longer range than pure electric truck alternatives due to hydrogen fuel-cell range-extension technology.
The news follows the launch of its first 7.5-tonne electric truck with a hydrogen range extender for UK mass production. First deliveries of this third-generation vehicle are scheduled from Q3 2022 as part of an annual 3,000-unit electric truck line.
According to the company the global electric truck market is expected to grow from US$1.15 billion in 2020 to US$14.19 billion by 2027. By removing affordability and range barriers to commercial electric vehicle adoption, Tevva says its truck sales will cut 10 million tonnes of CO2 emissions by 2030 and help global economies meet their emission reduction goals.
“Following hot on the heels of COP26, this funding represents a rapid response to the latest targets and commitments,” declared Tevva founder and CEO Asher Bennett. “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.”
In a related move, truck manufacturer Hyvia, a joint venture of Renault and technology company Plug Power, now has three hydrogen-powered vehicles designed and produced in France:
• Renault Master Van H2-TECH: a large van for transporting goods and packages, with 12m3 of cargo volume and a range of up to 500km.
• Renault Master Chassis-Cab H2-TECH: for various conversions, including a box van of 19m3, with a range of 250km.
• Renault Master City Bus H2-TECH: an urban minibus that can carry up to 15 passengers, with a range of +/- 300km.
"Hyvia is moving fast. After less than six months of existence, we [have] unveiled three Hydrogen Light Commercial Vehicles: a van, a chassis cab and a city bus [plus a] Hydrogen Refueling Station to offer customer options where [a] hydrogen infrastructure is still in development.” said CEO David Holderbach.
“Hyvia is about concrete solutions to be on track to meet the challenges of green hydrogen mobility and decarbonization of transport,” he added.
Story Type: News