London-based hydrogen truck maker Tevva has raised a further $51m (£41.6m) to ramp up production of its 7.5-tonne all-electric and hydrogen-electric trucks.
Fundraising first reported by Thames, was filed with Companies House and later confirmed by Tevva. It follows the company’s $57m (£46m) raise in November last year and brings the company’s total funding to $140m (£114m).
Talk to UKTN, a representative said: “All funds raised are earmarked for key milestones in the business, including the start of mass production of Tevva’s 7.5-tonne all-electric truck in Q3 2022 from its plant in production in the UK and the ongoing development of its 7.5 tonne hydrogen electric truck.
“These milestones will allow Tevva to deliver zero-emission trucks to its customers over the next few months.”
The representative added that Tevva plans to launch its 7.5-tonne hydrogen electric truck at some point this summer, with the 12-tonne variant due next year, followed by the 19-tonne in 2024.
Its 7.5-tonne trucks will have a range of up to 160 miles, space for 16 euro pallets and take five hours to load from 10% to 90%, Tevva said.
The company aims to produce 3,000 trucks each year by 2023, generating 1,000 jobs.
According Grand View Searchthe electric truck market is estimated at $14.19 billion (£11.5 billion) by 2027, up from $1.15 billion (£938 million) in 2020.
Tevva has already sold 15 of its second-generation trucks to the UPS delivery service.
Hydrogen technology is still a nascent field, with only a few hydrogen vehicles currently on the market.
Hydrogen fuel cells combine oxygen and hydrogen atoms to produce electricity. It produces water and a small amount of heat as a by-product instead of harmful emissions to the environment.
This is a key area of interest for the UK Government carbon reduction plan.
Sustainable chemical and energy technology company Johnson Matthey received a £400m loan from the government in April for the development of hydrogen technology.