Commercializing Electric Trucking
The trucking industry emits more greenhouse gases than shipping and aviation combined. In 2022, just 1.2% of medium-duty trucks sold were electrified.
Tevva is pioneering a cost-effective solution for decarbonizing fleets. With demand for commercial vehicles on the rise, electric trucking is key to the industry’s future.
A Disruptive Approach
Tevva’s future-ready and technology-agnostic approach to BEV and hydrogen electric vehicles reduces reliance on pure electricity and de-risks the pathway to decarbonizing commercial vehicles.
Proposed Merger Highlights
- Accelerates Tevva’s expansion in growing electric commercial vehicle market in UK, EU, and U.S.
- Tevva has recently commenced deliveries to fleet customers
- Estimated financials targets for 2028: $1.3-1.5B revenue, Mid-teens margin
Structure of Transaction
ElectraMeccanica shareholders will receive a 23.5% ownership interest in the combined company and Tevva shareholders will receive a 76.5% ownership position on a fully diluted basis.
At closing, the combined company expects to have a cash balance of approximately $70 – $80 million, with debt of approximately $26 million.
The Future of ElectraMeccanica Manufacturing
As operations scale, the combined company is expected to leverage ElectraMeccanica’s team and facilities to further grow, delivering U.S.-built trucks to fleets around the country.
Together, ElectraMeccanica and Tevva deliver >300,000 square feet of state-of-the-art manufacturing facilities across the U.S. and UK.