Tevva Motors Eyes Global Expansion After Investment Boost by Leading Automotive Player
The UK’s vanguard electric truck manufacturer has welcomed a £10m investment by Bharat Forge Limited (BFL), a technology-driven Indian metal forming multinational, which will spearhead its global expansion ambitions and create further jobs and investment at its Chelmsford, Essex plant.
The pioneering automotive firm, founded by Asher Bennett CEO, Tevva produces electric trucks in the 7.5 tonne to 14 tonne range, many of which are ‘range-extended’. A range-extended Tevva truck combines unlimited range from an on-board generator with sophisticated patented software to ensure minimum emissions in low emission zones and city centres. The company designs and builds entirely in the UK at present.
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 products have been successfully developed and trialled with a major operator since 2015 and the first commercial truck deliveries will happen later this year.
Bharat Forge, part of the Kalyani Group, a conglomerate with multi-sectoral interests, has been working on its research, design and technology strategy in the Electric Vehicle space over the last few years. Tevva will strengthen BFL’s research and development activities in the e-mobility space. Tevva has licenced its technology to BFL for the Indian market, giving Tevva unprecedented access to the massive Indian truck market.
Edward Hyams, Tevva Motors Chairman, welcomed the investment from BFL. “We are delighted that BFL has decided to make this major strategic investment in Tevva to support the next phase of our expansion. 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.
The chairman of the Kalyani Group, Mr Baba Kalyani, hailed the investment in a leader in its field. “This will bring very focused and state-of-the-art EV powertrain solutions to our customers in India and worldwide.”
For further information please contact Shai Ahmed, Chelgate Limited on 020 7939 7939/07939 252249