Green trucks production accelerates

BRITISH electric truck manufacturer Tevva is understood to be raising more than $50million (£40.6million) by selling shares to new and existing investors to accelerate its growth.

Bankers from Citigroup are thought to be handling the private placement share sale, which is due to complete later this year. In November it raised £46.3million from investors, taking its total so far to £141million.

Tevva sees decarbonisation of the economy as a “great opportunity” to kick-start and re-establish UK commercial vehicle manufacturing.

Last week, it unveiled the UK’S first electric and hydrogen fuel-cell hybrid truck. The fuel cell provides back up power if it runs out of battery or needs more power when operational.

Tevva marketing director David Thackeray said hydrogen “will be part of the mix” as commercial vehicles go green, as it is lighter than electric vehicle batteries, and can support longer ranges, heavier payloads, and longer operational times through faster refuelling.

Tevva will ramp up production by the end of the year. By the end of 2025, it hopes to increase its capacity to up to 10,000 battery electric and hydrogen hybrid vehicles a year.

Motor manufacturer Volkswagen is calling on the Government to boost mainstream electric vehicle adoption by ending the “postal lottery of public charge points”.

This leads to charging anxiety among potential EV drivers who need a “robust, reliable, and fit for purpose public charging infrastructure”, said Volkswagen Financial Services UK EV Consultant Mike Coulton.