Harbinger Secures $160M to Build FedEx Electric Trucks
▼ Summary
– Harbinger raised $160 million in Series C funding co-led by FedEx and THOR Industries to scale production of its commercial electric truck chassis.
– FedEx ordered 53 electric truck chassis from Harbinger as part of the investment, with delivery expected by year-end.
– The startup, founded in 2022 by former Canoo and QuantumScape employees, focuses solely on medium-duty truck chassis and began production this year.
– FedEx has spent a decade seeking electric trucks for its fleet, following a previous unsuccessful partnership with startup Chanje that ended in a lawsuit.
– Harbinger has sold over 200 chassis this year and is expanding into Canada, targeting a market segment larger than competitors like BrightDrop and Rivian.
Harbinger, an electric truck manufacturer based in Los Angeles, has successfully secured $160 million in a Series C funding round to accelerate the production of its medium-duty commercial vehicle chassis. This significant financial boost was co-led by FedEx, which also placed an order for 53 electric truck chassis expected to be delivered before the year ends. Established in 2022 by alumni of Canoo and QuantumScape, Harbinger concentrates exclusively on developing robust truck chassis, a streamlined approach that previously helped it raise $100 million in a Series B round earlier this year.
FedEx stands out as Harbinger’s most prominent client, though the startup has also cultivated a partnership with THOR Industries, an RV manufacturer. Both THOR and the Technology Impact Fund at Capricorn, an early Tesla backer, jointly led this latest funding effort. Additional support came from existing investors, including Leitmotif (a venture capital firm with Volkswagen backing), Tiger Global, Maniv Mobility, and Schematic Ventures.
For the past ten years, FedEx has actively explored integrating electric trucks into its extensive delivery network. In 2018, the company ventured into electric mobility by ordering 1,000 delivery vans from Chanje, another Los Angeles startup. Unfortunately, that arrangement concluded in legal disputes following Chanje’s collapse. Since then, the commercial electric vehicle sector has evolved, yet it remains a challenging arena with few dominant competitors. General Motors recently discontinued its BrightDrop van program after underwhelming results, while Ford has seen a sharp decline in E-Transit van sales. Although Rivian has supplied thousands of electric vans to Amazon, it has yet to secure another large-scale commercial partner.
Harbinger distinguishes itself by targeting a segment larger than the vans produced by BrightDrop, Ford, or Rivian. This strategic focus appears to be paying off, with the company selling more than 200 chassis this year and announcing plans to expand into the Canadian market. According to Dipender Saluja, managing partner of Capricorn’s Technology Impact Fund, FedEx’s involvement highlights a growing demand for innovation in medium-duty electric trucks that support both operational and environmental objectives. He noted that while medium-duty fleets have historically tested electric models in small numbers, the industry is now prepared for widespread adoption, with Harbinger positioned to lead that transition.
(Source: TechCrunch)