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.