Los Angeles-based electrical truck startup Harbinger has raised $160 million in a Collection C funding spherical co-led by FedEx, because it scales up manufacturing of its industrial car program.
As a part of the funding, FedEx has ordered 53 of Harbinger’s electrical truck chassis, which the startup says shall be prepared by the tip of this 12 months.
Based in 2022 by former workers of now-defunct EV startup Canoo and battery firm QuantumScape, Harbinger got down to construct medium-duty, industrial truck chassis — and mainly nothing else. That concentrate on holding issues easy helped the corporate increase a $100 million Collection B in January and begin manufacturing of its truck chassis this 12 months, simply three years after its inception.
FedEx is Harbinger’s most recognizable buyer to this point, although the startup has spent the previous couple of years additionally working with RV-builder THOR Industries. THOR co-led this Collection C spherical with FedEx, as did the Know-how Impression Fund at Capricorn, which was an early Tesla investor.
Earlier buyers in Harbinger, like Leitmotif (a brand new VC agency backed by Volkswagen), Tiger International, Maniv Mobility, and Schematic Ventures participated within the spherical as nicely.
FedEx has spent a decade trying so as to add electrical vans to its nationwide supply fleet. In 2018, the logistics big took of venture on one other Los Angeles-based startup known as Chanje, inserting an order for 1,000 of its imported Chinese language supply vans in a deal that in the end resulted in a lawsuit. (Chanje collapsed quickly after.)
The marketplace for industrial electrical vans and vans has matured since then, although the sector nonetheless doesn’t have many gamers. Normal Motors lately gave up its BrightDrop supply van program after just a few lackluster years. Gross sales of Ford’s E-Transit van have plummeted. Rivian has equipped round 25,000 electrical vans to Amazon, however is but to lock down one other main industrial buyer.
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Harbinger is targeted on vans which might be bigger than the BrightDrop, Ford or Rivian vans, and it has discovered early success in that a part of the market. It has bought over 200 chassis this year alone, and lately introduced an growth into the Canadian market.
“FedEx’s participation indicators a requirement for innovation within the medium-duty truck sector and for an electrical mannequin that helps advance enterprise and sustainability objectives on the similar time,” Dipender Saluja, the managing companion of Capricorn Funding Group’s Know-how Impression Fund, mentioned in an announcement. “During the last 20 years, medium-duty truck fleets have typically deployed small volumes of demonstration electrical vans. The trade is now prepared to maneuver to mass adoption, with Harbinger main that scale up.”
