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.
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