Cat is one of our Finance Apprentices here at Vista, this week, we asked her to tell us about her journey to Vista Insurance
Tevva Case Study
03/01/2022
Electric and hydrogen truck pioneer Tevva successfully raised US$57 million by way of an oversubscribed private placement from new and existing investors to fit out its brand-new London based production facility and rapidly scale up manufacturing.
The fundraise swiftly follows the launch of the new Tevva Truck, the Company’s first 7.5-tonne electric truck designed for mass production, the first British designed 7.5-tonne electric truck with hydrogen range extender intended for mass production in the UK.
First deliveries of its third-generation vehicle are scheduled from Q3 2022 to address the immediate industry need to electrify. With these funds in hand, over the coming months Tevva will complete engineering build, test and design and production line assembly and tooling.
The Company intends to produce 3,000 trucks per annum by 2023, creating up to 1,000 skilled jobs and propelling Britain’s electric truck revolution.
The global electric truck market is expected to grow from $1.15 billion in 2020 to $14.19 billion by 20271.
By removing typical barriers to commercial electric vehicle adoption, such as affordability and range, Tevva will play an enabling role in helping global economies meet ambitious policy goals. Tevva Trucks are expected to remove 10 million tonnes of global CO2 emissions by 2030, the equivalent of taking 1 million cars off the road.
Tevva has now raised a total of US$70 million over the past 12 months, a huge endorsement of Tevva’s strategy to become a global manufacturer of mid to large-size zero emission electric trucks – capable of longer range than pure electric truck alternatives due to proprietary hydrogen fuel-cell range extension technology.
In an incredibly challenging insurance environment with many insurers nervous of the risks presented by new technology and particularly innovation in battery manufacture and hydrogen cell power, Vista is delighted to have worked with Tevva during 2021 to provide:
• Comprehensive protection to the management team
• Extensive risk management advice in respect of the new manufacturing premises
• Competitive insurance solutions to meet their short term insurance needs
• Programme flexibility that will adapt as the business expands operations
• We also have capabilities to support the business with their plans for further expansion and fundraising
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