Harbinger brings in a $100 Million Series B to expand operations

For those unaware, the medium-duty electric vehicle space saw many entrants and exits as startups backed by special purpose acquisition companies created and then ran out of runway. In the case of Harbinger, a modest yet focused approach avoided the drama, and the company recently announced a $100 million Series B raise co-led by Capricorn’s Technology Impact Fund, which has $10 billion under management. Harbinger plans on using the funds to accelerate its growth and increase production capacity to meet demand, which comes in the form of an order book of 4,690 vehicles valued at around $500 million.

Some of the customers include Bimbo Bakeries, the U.S. subsidiary of Grupo Bimbo, the world’s largest baking company, and Thor Industries, the world’s largest recreational vehicle maker. If you’re wondering what a bakery delivery vehicle and an RV have in common, it’s all about the chassis, which Harbinger makes in-house. The company vertically integrates the production of its EV platform through its proprietary chassis, which is custom-made to include a scalable battery pack, e-axle and things like suspension, which touts better comfort and handling than traditional medium-duty trucks.

An advantage to Harbinger is structural, with the medium-duty market compared to the larger Class 8 market boasting a two-tiered system, where chassis makers sell to companies that then have another company add the body on top of the chassis. Harbinger focuses on the EV chassis but doesn’t have the costs of installing the body of the vehicle on them. Compare that to a Class 8 sleeper, which is made end-to-end at an OEM facility, including a chassis, harness, body and everything in between.

Keep an eye out for the Truck Tech podcast interview with John Harris, co-founder and CEO at Harbinger, which will be released in the next few weeks. We will dive into the details of how the company is shaking up the medium-duty space.