Electric truck innovation specialist, Tevva Motors, is to benefit for a £10m investment from an Indian technology and engineering company.
Under the agreement with Bharat Forge, the UK-based company says it will be in a position to boost its plans for global expansion as well as recruit more staff to its Chelmsford base.
The company, founded by Israeli entrepreneur Asher Bennett, makes electric trucks in the 7.5-tonne to 14-tonne range, many of which feature range-extending technology.
This combines unlimited range from an on-board generator with smart control Geofencing software to ensure minimum emissions in low-emission zones and city centres.
The company was established just over 4 years ago, with start-up capital from individual investors and a cornerstone investment from Angel CoFund, part of the government-owned British Business Bank.
Tevva’s UK-built products have been developed and trialled with parcel firm UPS since 2015, with the two firms looking to scale-up to fleet-wide trials through the DfT’s Low Emission Freight and Logistics Trial.
Pune-based Bharat Forge is a metals and minerals company, but has been working on its research, design and technology strategy in EVs for several years and believes that Tevva will be its perfect partner for e-mobility. The agreement between the two companies involves a licensing agreement that allows Bharat to own Tevva’s technology in its domestic market.
“We are delighted that BFL has decided to make this major strategic investment in Tevva to support the next phase of our expansion,” said Edward Hyams, Tevva Chairman. “This new funding will enable us to scale up our operations in the UK and get more electric trucks onto the roads helping to meet the needs of zero-emission zones in cities such as London and Leeds, as well as internationally.”