A further $13 million in finance was obtained by Los Angeles, California-based electric vehicle maker Harbinger.
Investment
A portion of the $73 million total came from the Coca-Cola System Sustainability Fund, which is overseen by Greycroft.
Use of funds
The business plans to utilize the money to commence commercial production in the fourth quarter of 2024 and to keep growing its manufacturing capacity.
After assembling its stripped chassis for electric vehicles, Harbinger offers them to dealers, specialized upfitters, or big fleet clients directly. After that, a third party is enlisted by the dealer or the buyer to outfit the chassis with a commercial or specialized body.
A restricted quantity of pre-production vehicles have already been manufactured and delivered by the business to important clients. Harbinger will employ exclusive, in-house developed vehicle technology created especially for commercial and specialist vehicle applications when it starts manufacturing and delivering its first production cars by the end of 2024.
About Harbinger
Under the direction of CEO John Harris, Harbinger is an electric vehicle manufacturer that produces its own battery packs and motors.From the ground up, the business has developed a customized electric platform, commonly referred to as an electric vehicle bare chassis. It includes the engine, high voltage (HV) battery system, steering, brakes, and other important vehicle systems that the business develops and assembles itself. Compared to electric cars constructed on top of current diesel and gasoline platforms, which is prevalent in the industry, this vertically integrated method keeps costs down and offers a higher-performing, safer, and more lasting alternative.
The business also revealed its order book, which contained pre-orders for 4,000 binding vehicles worth more than $400 million from clients such as Bimbo Bakeries USA, THOR Industries, the largest RV manufacturer in the world, Mail Management Services, North American commercial vehicle dealers, and others.
