#United States #Los Angeles #Electric Vehicle #Harbinger #Capricorn

Harbinger Secures $100 Million for Growth and Production Expansion

Harbinger, a pioneering electric vehicle company specializing in medium-duty vehicles, has successfully raised $100 million in a Series B funding round. This significant investment aims to amplify the company’s growth trajectory, enabling it to increase production capabilities to meet an ever-growing demand for its innovative electric platform.

The funding round was co-led by the Capricorn Technology Impact Fund, a well-known venture capital firm managing around $10 billion in assets and known for investing in sustainable technology companies, alongside Leitmotif, a venture capital firm dedicated to bridging innovations from Europe and the U.S. The round also saw participation from Tiger Global and other notable investors, creating a strong backing for Harbinger's ambitious plans.

Recent achievements underscore Harbinger’s rapid developments in the electric vehicle sector. The company currently holds an impressive order book totaling 4,690 vehicle orders, which translates to a valuation of approximately $500 million. Their clients include major players such as Bimbo Bakeries USA, recognized as the world's largest baking company, and THOR Industries, a leading manufacturer of recreational vehicles. Notably, THOR and Harbinger collaborated on the world's first Class A hybrid motorhome built on a Harbinger platform, boasting a remarkable driving range of up to 500 miles.

The recent funding will not only enable Harbinger to ramp up its production capabilities but also to enhance sales, parts, and service operations for deployment across the nation. With $200 million raised since its inception in 2021, Harbinger has successfully conducted two funding rounds in a challenging economic climate, demonstrating both resilience and investor confidence.

Dipender Saluja, Managing Partner at Capricorn, commended Harbinger for achieving key milestones at an impressive pace. He highlighted the company's unique approach to developing its vehicles in-house to maintain lower unit costs while maximizing efficiency. By controlling production processes, Harbinger stands out as an effective player in the EV market.

John Harris, the Co-founder and CEO of Harbinger, emphasized the importance of this funding for scaling production. He expressed confidence in the company's innovative medium-duty vehicle platform, which is designed to be competitively priced in relation to traditional gasoline and diesel vehicles when considering federal tax incentives.

Harbinger's electric chassis is specifically designed for a range of medium-duty applications, including delivery vans, box trucks, and recreational vehicles. By maintaining stringent quality control over the vehicle systems developed in-house, Harbinger can offer a superior product that outperforms retrofitted vehicles built on combustion engine platforms.

The capital raised will provide Harbinger with the capabilities needed to invest in higher-volume supplier tooling and further develop ADAS (Advanced Driver Assistance Systems) technologies. Furthermore, the funds will support the marketing initiatives essential for building a robust dealer network to support sales and service operations.

With ambitions to lead the medium-duty trucking sector toward electrification, Harbinger is poised for expansive growth. Jens Wiese, Managing Partner at Leitmotif, remarked on the significant customer interest due to Harbinger’s innovative approach to electrification, which aligns fit for medium-duty transport needs.

As the company embarks on its growth journey through 2025 and beyond, attention remains on Harbinger's commitment to producing vehicles that meet the evolving needs of the transportation sector. By offering a product that meets government regulations and provides price parity with traditional vehicles, the company is strategically positioned to take advantage of the shift toward electric mobility.

To learn more about Harbinger's ambitious projects and innovative electric vehicle technologies, visit www.harbingermotors.com.