London-headquartered Tevva, a hydrogen truck manufacturer, has snapped $15 million in funding. It follows the $57 million funding that was raised in November 2021. With this round, the total funding raised by the EV maker is now $140 million.
All-electric truck coming soon
As per Tevva, the fresh funds will be used to get its 7.5 tonne all-electric truck into production from Q3 this year, and develop its 7.5 tonne hydrogen-electric truck. Also, the company is working on a 12-tonne truck, which is expected to be launched in 2023 and a 19 tonne hydrogen-electric truck likely to arrive in 2024.
This is the latest fundraise in the booming electric trucking market. These companies are trying hard to secure partnerships with firms and get their trucks on the road.
Tevva has set a goal that “before this decade is out”, more than 100,000 Tevva vehicles will be in service. Covering nearly 5 billion km per annum, they will eliminate almost 100 million litres of diesel consumption per annum with a total CO2 reduction over the decade of 10m tonnes. Already, over a quarter of a million miles (400,000km) have been accumulated
Tevva’s hydrogen trucks
Reportedly, international freight transport accounts for over 7% of global emissions.By converting the trucking industry to electric, the companies in this space are eyeing to bring big emissions savings. In 2021, 346 electric truck designs were registered in Europe, which is a whopping 193% surge as compared to the previous year.
Asher Bennett founded Tevva in 2012 as a pioneering zero-emission transport with revolutionary battery-electric and hydrogen fuel-cell range extender technology.
Tevva trucks optimise range, driver experience, and total ownership cost while significantly reducing the environmental impact from the urban freight and logistics sectors. Tevva trucks are as cost-effective and operationally flexible as diesel trucks.
A Tevva truck has at least 1,000 fewer moving parts than a traditional diesel truck, which lowers maintenance costs and increases uptime. As a fully zero-emission truck with minimal moving parts, Tevva offers a step-change in fleet longevity and a radical reduction in lifetime cost per kilometre.
Furthermore, these trucks are smooth, responsive, and relaxing to drive. They are much quieter than traditional diesel trucks, allowing for greater flexibility where night-time deliveries in urban residential areas are concerned. What’s more, these trucks simultaneously address the dual crises of climate change and urban air quality.
The company’s patented software ensures that the lowest cost, lowest carbon energy is always used to the maximum while the use of hydrogen energy is minimised.