EV truck maker Harbinger raises $240M for power, defense

Harbinger Motors Inc. raised $240 million in its latest funding round to expand manufacturing of its electrification technology in markets including defense, autonomy software and energy storage. The Series D round was co-led by Tiger Global, Capricorn’s Technology Impact Fund and Ridgeline, with participation from existing backers including FedEx Corp. In total, the maker of medium-duty electric trucks has now raised over $650 million since 2021, the company said in a statement. “We’ve been focused for a long time on pretty carefully curating what the investor mix looks like to reflect the stage that the company is at,” said John Harris, co-founder and CEO of Harbinger in an interview with Bloomberg News. “We’ve been focused on bringing investors onto the cap table that are generally crossover or public markets focused.” In September, Harbinger said it received an order from FedEx for 2,000 electric delivery vans in a deal worth more than $300 million. Harbinger said it plans to deliver the vehicles by the end of 2027. Throughout the year Harbinger has taken steps toward its ambitions beyond commercial vehicles by announcing new business lines, including selling its EV batteries for energy storage, an acquisition of autonomous driving company Phantom AI, and a partnership with defense manufacturer American Rheinmetall to develop unmanned support vehicles for the U.S. Army. FedEx ranks No. 2 on the Transport Topics Top 100 list of the largest for-hire carriers in North America and No. 3 on the TT Top 50 list of the largest global freight companies. FedEx Logistics ranks No. 40 the TT Top 100 list of the largest logistics companies.

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