Electric truck manufacturer, Harbinger is just one startup to take advantage of equipment financing to enable it to scale, by partnering with ATEL Ventures.
SAN FRANCISCO, July 8, 2024 /PRNewswire-PRWeb/ -- 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.
About ATEL Ventures, Inc
ATEL Ventures, a division of ATEL Capital Group, is a leading provider of venture debt and equipment financing to emerging growth companies. The company is a primary source of non-dilutive capital across the landscape of venture capital investments. ATEL Ventures is industry- and stage-agnostic, having provided capital to companies in Information Technology, Life Sciences, Energy, Agriculture, Material Sciences, and Consumer Products and Services. For more information, visit: https://atelventures.com/ or email Steven Rea: [email protected]
About Harbinger
Harbinger is a commercial electric vehicle (EV) company on a mission to transform an industry starving for innovation. Harbinger's best-in-class team of EV, battery, and drivetrain experts have pooled their deep experience to support the growing demand for medium-duty EVs. Leveraging a foundation of proprietary, in-house developed vehicle technologies designed specifically for commercial and specialty vehicle applications, Harbinger is bringing a first-of-its-kind EV platform to market, priced at parity to gasoline and diesel vehicles. Harbinger: familiar form, revolutionary foundation.
Media Contact:
ATEL Ventures: Jon Meakin | Coldharbour Communications
T +1 (917) 624-3227 | E [email protected]
Harbinger: Kylee Keskerian | Futurista Communications
T +1 (419) 822-6417 | E [email protected]
SOURCE ATEL Ventures, Inc.
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