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.
"We have received 4,000 orders... The
financing provided by ATEL Ventures will help us expand our
manufacturing capabilities."
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: srea@atel.com
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 jon@coldharbourcomms.com
Harbinger: Kylee Keskerian | Futurista Communications
T +1 (419) 822-6417 | E kylee@futuristacommunications.com
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SOURCE ATEL Ventures, Inc.