Harbinger Motors, a Southern California-based automotive manufacturer, has secured $60 million in a Series A funding round, the company announced on Wednesday. The round was led by Ridgeline and THOR Industries, with participation from a range of investors, both new and returning.
Investment details
The funding round saw a notable influx of capital from various investors, including the Coca-Cola System Sustainability Fund managed by Greycroft, Riverstone Holdings, and Squarepoint Capital, among others. The investment aims to bolster Harbinger’s financial standing as it seeks to carve out a space in the electric vehicle (EV) market.
Collaborations and partnerships
Harbinger has entered into partnerships with THOR Industries and TechNexus to foster the development of electrified recreational vehicles (RVs). While these collaborations hint at potential advancements in the RV sector, the practical implications of these partnerships remain to be seen.
Utilization of funds
The company plans to channel the funds into accelerating the production of its electric stripped chassis designed for Class 4 to Class 6 vehicles. Harbinger also intends to expand its workforce, aiming to double its current team to 120 employees within the next year. The expansion is slated to take place at its recently established headquarters in Garden Grove, California.
Sustainability claims
Harbinger has positioned itself as a proponent of sustainable transportation solutions, with a focus on reducing the carbon footprint of last-mile delivery services. However, the realization of these sustainability initiatives is contingent upon the successful development and deployment of their electric vehicle technologies.
Board of directors
As part of the agreement, Ryan Clinton, Co-Founder and Managing Partner at Ridgeline, will join Harbinger’s Board of Directors, representing the Series A investors. Clinton’s role and influence on the company’s strategic direction will be a development to watch in the coming months.
Looking forward
With the fresh injection of capital, Harbinger Motors aims to innovate in the medium-duty EV sector. The company has set a goal to bring a new EV platform to the market, albeit at a yet unspecified date. As the EV market continues to evolve, it remains to be seen how Harbinger’s offerings will stand against competitors in a rapidly growing and increasingly competitive space.
