What's Happening?
Harbinger, a Los Angeles-based electric truck startup, has raised $160 million in a Series C funding round co-led by FedEx. The investment will support the production of Harbinger's commercial vehicle
program, with FedEx ordering 53 electric truck chassis expected to be ready by the end of the year. Founded in 2022, Harbinger focuses on medium-duty commercial truck chassis, attracting significant investment from various stakeholders, including THOR Industries and Capricorn's Technology Impact Fund. The funding marks a strategic move by FedEx to expand its electric vehicle fleet, following previous unsuccessful attempts with other startups.
Why It's Important?
The investment in Harbinger highlights the growing demand for electric vehicles in the logistics sector, driven by sustainability goals and operational efficiency. FedEx's involvement signals a shift towards greener transportation solutions, potentially influencing other logistics companies to follow suit. The development of electric trucks can reduce carbon emissions and operational costs, aligning with global environmental targets. Harbinger's focus on medium-duty trucks positions it uniquely in a market with few competitors, offering opportunities for growth and innovation in electric vehicle technology.
What's Next?
Harbinger plans to expand its market presence, including entry into the Canadian market. The successful deployment of electric trucks for FedEx could lead to further orders and partnerships with other logistics companies. As the market for commercial electric vehicles matures, Harbinger may explore additional funding rounds to scale production and enhance technology. The collaboration with FedEx could serve as a model for other startups seeking to integrate electric vehicles into large-scale logistics operations.
