Naftali Bennett, the Prime Minister, has a number of high-tech exits to his credit. Now his brother Asher Bennett following his steps.
According to Globes, citing Israeli sources, Tevva Motors, founded by Asher Bennett, a former Israel Navy submarine officer, in 2013 in the UK, is considering an initial public offering on Nasdaq. Similar firms in the electric vehicle space have raised money in recent months at billion-dollar valuations.
Tesla’s announcement of its intention to develop an electric-powered heavy truck ignites a market for investors interested in electric trucks.
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Israeli Startup’s Game-changing electric battery Extends Driving Range of Trucks by Using Submarine Technology
Tevva specializes in converting light and medium-weight vehicles weighing between 7 and 14 tonnes to electric cars. In addition, it can extend the truck range using a generator that charges the vehicle’s batteries independently giving the truck a long range of approximately 150 kilometers. Currently, the company is developing an electric propulsion system for heavy vehicles weighing up to 19 tonnes that will release next year.
The company made headlines for the first time in 2016 when it unveiled a range of trucks manufactured by Chinese manufacturer JAC that had been converted from diesel to electric. In 2019, the business inked a contract with worldwide delivery company UPS, which would use Tevva’s technology to outfit a fleet of light delivery vehicles.
Tevva has raised $26 million to date. $12.5 million raised in March of this year, at which time Bennett stated, “Commercially, delivery trucks represent a $100 billion worldwide market, and demand for a low-cost, zero-emission solution is growing daily. We will be better positioned to meet that demand as a result of this increase.”
Electric trucks are a hot subject among investors, owing in part to Tesla’s revelation that it intends to construct an electric heavy truck.
Tevva’s competitors are Arrival, a British startup is currently valued at $11 billion. Nikola, a US-based company trading on Nasdaq with a market cap of $6.91 billion. Hylion Holdings which went public last year via a SPAC merger, and has a market capitalization of $2.12 billion. Rivian, also from the U.S is backed by Amazon.
