As some electric commercial vehicle companies are potentially life-threatening facing financial hurdles, Harbinger Motors is thriving, evidenced with its latest announcement of $100 million in Series B funding. Harbinger previously secured two fundraising rounds, including its $73 million Series A funding in 2023. Harbinger has raised a total of $200 million since its 2021 founding.
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The funding comes from several sources, co-led by Capricorn's Technology Impact Fund, a $10 billion venture capital partnership that invests in companies who prove themselves capable in developing and scaling new engineering-based solutions to climate change. Additional funding comes from Leitmotif, a newly launched U.S.-based venture capital firm, as well as investment firm Tiger Group, The Coca-Cola System Sustainability Fund, THOR Industries, TechNexus, Ridgeline, Maniv Mobility, Ironsprung Ventures, Schematic Ventures, and Overture Climate.
This latest funding is important because, according to Dipender Saluja, managing partner of Capricorn's impact fund: "Harbinger has demonstrated a remarkable ability to reach significant milestones far quicker than other EV companies. The market has been impressed by their ability to develop large portions of the vehicle in-house to drive down costs, while remaining capital efficient."
To date, the US-based manufacturer has a 4,690-unit order valued at around $500 million from several customers, including Bimbo Bakeries USA and THOR Industries.
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“Harbinger is entering a rapid growth phase where we are focused on scaling production of our customer-ready platform,” said John Harris, Harbinger co-founder and CEO. “These funds catalyze significant revenue generation. We’ve developed a vehicle for a segment that is ripe for electrification, and there is a strong product market fit that will help fuel our upward trajectory through 2025 and beyond.”
Harbinger's medium-duty battery-electric commercial truck rides on a proprietary electric chassis designed specifically for walk-in vans, box trucks, recreational vehicles, delivery vans, and emergency and disaster response vehicles. Its stripped chassis includes all critical systems and, as noted by investors, is designed and built in-house -- a major factor in keeping costs under control.
The vehicle boasts an 800V liquid-cooled scalable battery system, a range of up to 250 miles, and an output of 35kW (470 horsepower) and 13,700 lb-ft of torque.
