Essex-based electric truck manufacturer Tevva Motors has welcomed a £10m investment by Bharat Forge Limited (BFL), an Indian metal forming multinational.
The company has said that the investment will ‘spearhead its global expansion ambitions’ and create further jobs and investment at its Chelmsford, Essex plant.
Tevva, founded by chief executive Asher Bennett, manufactures 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 patented software to ensure minimum emissions in low emission zones and city centres, Tevva says. The company designs and builds entirely in the UK at present.
Established just over four 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 developed and trialled with a major operator since 2015 and the first commercial truck deliveries are expected to 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, the companies say. 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. He said: “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.â€?
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. This investment coupled with the ongoing work at Tork Motorcycles will enable Bharat Forge to gain better understanding of the 2-wheeler and the Commercial Vehicle EV space.â€?