Electric truck manufacturer Harbinger announced today that it has raised $160 million in a Series C funding round, and that it has signed an initial order for EVs from global delivery giant FedEx, who also co-led the financing round.
Founded in 2021, California-based designs and manufactures chassis for electric commercial and specialty vehicles, designed to support all of popular medium-duty body types, including commercial walk-in vans, recreational vehicles, box trucks, and others. The company’s proprietary electric platform, the electric vehicle stripped chassis, includes all major vehicle systems, which it designs and manufactures in-house in the U.S., aimed at keeping costs down and pricing its EVs at acquisition parity to traditional diesel vehicles.
The financing marks Harbinger’s second major funding round this year, following a $100 million Series B round in January. To date, the company has raised $358 million.
In addition to FedEx, the deal was co-led by recreational vehicle (RV) manufacturer THOR Industries and Capricorn Investment Group’s Technology Impact Fund, which had both participated in the recent Series B round.
Harbinger Co-Founder and CEO John Harris said:
“Harbinger is driving the next generation of medium-duty electric vehicles with a clean-sheet platform designed for optimized fleet performance. The level of investor support we’ve received reflects strong belief in the practicality of our platform, and our order from FedEx demonstrates that this vision is already taking shape in the market.”
The new agreement with FedEx includes an initial order for 53 Class 5 and Class 6 electric vehicles, with delivery to begin in 2025. FedEx has set a goal to achieve carbon neutral operations by 2040, supported by a target to convert its entire parcel pickup and delivery fleet to zero-emission electric vehicles.
Paul Melander, Senior Vice President of Safety and Transportation at FedEx, said:
“Any vehicle that holds up to our rigorous on-road testing and offers state-of-the-art safety features with lower total cost of ownership is win-win for drivers and for our business. As we work toward a goal to electrify the entire FedEx pickup and delivery fleet by 2040, this trifecta of performance, price, and operational resilience is what we need to be able to continue to scale.”
Dipender Saluja, Managing Partner of Capricorn Investment Group’s Technology Impact Fund, added:
“FedEx’s participation signals a demand for innovation in the medium-duty truck sector and for an electric model that helps advance business and sustainability goals at the same time. Over the last two decades, medium-duty truck fleets have generally deployed small volumes of demonstration electric trucks. The industry is now ready to move to mass adoption, with Harbinger leading that scale up.”
