ElectraMeccanica and Tevva have announced plans to merge in a bid to capitalise on global commercial truck market opportunities.
Upon closing of the proposed transaction in Q4, ElectraMeccanica shareholders will own 23.5% of the combined company and Tevva shareholders 76.5% on a fully diluted basis. The combined company expects to have a cash balance of approximately $70-80m, with debt of approximately $26m.
Tevva is disrupting zero-emission commercial transport with battery electric and hydrogen fuel-cell range extender technology. Its 7.5-tonne trucks have a range of around 140 miles – though twice that when powered by hydrogen.
Tevva’s existing 110,000sq ft EV manufacturing facility in Tilbury, UK, would be complemented by ElectraMeccanica’s recently-commissioned 235,000sq ft facility in Mesa, Arizona, which is expected to enable the combined company to scale its production to serve UK, European and US markets.
... to continue reading you must be subscribed
