ATEL Ventures Inc., a division of ATEL Capital Group and a provider of venture debt and equipment financing solutions to growth-stage companies, has agreed 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,” says Steven Rea, president of ATEL Ventures. “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.”
“We have received 4,000 orders from customers including Bimbo Bakeries USA, THOR Industries, Mail Management Services and more,” adds John Harris, CEO and co-founder of Harbinger. “The financing provided by ATEL Ventures will help us expand our manufacturing capabilities.”
Alongside the debt financing by ATEL Ventures, Harbinger has attracted over $100 million of venture investment from Greycroft, Tiger Global, Ridgeline, THOR Industries and others, including an oversubscribed $73 million Series A round.
