Harbinger, a manufacturer of medium-duty electric and hybrid vehicles, has raised $160 million in a Series C funding round co-led by FedEx, Capricorn’s Technology Impact Fund, and RV manufacturer THOR Industries. With this round, Harbinger has raised $358 million to date.
Along with its investment, FedEx placed an initial order for 53 Harbinger electric trucks. Harbinger will deliver chassis—a mix of Class 5 and Class 6 models—ready for upfit by the end of this year.
Harbinger’s proprietary EV stripped chassis includes all major vehicle systems, which the company designs and manufactures in-house in the US. Harbinger’s vehicles are purpose-built from the ground up to be electric. As Chief Production Officer Gilbert Passin told Charged, this vertically integrated approach helps keep costs down, and delivers higher-performing, more durable vehicles than those built on legacy fossil fuel platforms.
“Any vehicle that holds up to our rigorous on-road testing and offers state-of-the-art safety features with lower total cost of ownership is win-win for drivers and for our business,” said Paul Melander, SVP of Safety and Transportation at FedEx. “As we work toward a goal to electrify the entire FedEx pickup and delivery fleet by 2040, this trifecta of performance, price and operational resilience is what we need to be able to continue to scale.”
“FedEx’s participation signals a demand for innovation in the medium-duty truck sector and for an electric model that helps advance business and sustainability goals at the same time,” said Dipender Saluja, Managing Partner of Capricorn Investment Group’s Technology Impact Fund. “Over the last two decades, medium-duty truck fleets have generally deployed small volumes of demonstration electric trucks. The industry is now ready to move to mass adoption, and Harbinger is leading that scale-up.”
Source: Harbinger
