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
to be delivered by the end of the year. Founded in 2022, Harbinger focuses on building medium-duty commercial truck chassis, and has previously raised $100 million in a Series B round.
Why It's Important?
The funding and partnership with FedEx highlight the growing demand for electric trucks in the logistics industry, as companies seek sustainable solutions to reduce carbon emissions. Harbinger's focus on medium-duty trucks positions it to capitalize on this demand, potentially leading to increased market share and innovation in the electric vehicle sector. The investment also underscores FedEx's commitment to integrating electric vehicles into its fleet, aligning with broader sustainability goals.
What's Next?
Harbinger plans to expand its production capabilities and enter the Canadian market, potentially increasing its customer base and revenue. The company may also explore additional partnerships and funding opportunities to further scale its operations and enhance its product offerings.
