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ATEL Ventures, Inc. Provides Equipment Financing to Electric Truck Manufacturer, Harbinger

Posted 07/10/2024

ATEL Ventures, Inc., a division of ATEL Capital Group and a provider of venture debt and equipment financing solutions to growth-stage companies, has announced an agreement to provide equipment financing to Harbinger, a Southern California-based manufacturer of electric trucks, to enable the company to expand its manufacturing capacity. 

Harbinger is focused on meeting the demand for medium-duty electric vehicles (EVs) with a first-of-its-kind vertically integrated EV platform designed to deliver improvements in safety, driver experience and vehicle operation.

“More and more commercial fleet operators are turning to EVs, and Harbinger provides a solution with zero price acquisition premium over gas or diesel-powered vehicles,” said Steven Rea, President, ATEL Ventures, Inc. “The future is electric and while other manufacturers are busy electrifying older vehicles, we believe Harbinger’s ground-up solution will emerge as a leader in this sector.”

John Harris, CEO and Co-Founder of Harbinger said: “We have received 4,000 orders from customers including Bimbo Bakeries USA, THOR Industries, Mail Management Services and more. The financing provided by ATEL Ventures will help us expand our manufacturing capabilities.”

Alongside the debt financing by ATEL Ventures, Harbinger has attracted over $100M of venture investment from Greycroft, Tiger Global, Ridgeline, THOR Industries and others, including an oversubscribed $73M Series A round.


Author
Jon Meakin
Organization
Coldharbour Communications / ATEL
Phone Number
9176243227