Hummingbird EV Announces Offering of Series A Preferred Stock
Following the initial $6 million Series A investment, the commercial EV startup’s funding round is now available to qualified investors
LIVERMORE, Calif.–(BUSINESS WIRE)–HummingbirdEV, a global provider of advanced commercial vehicle electrification systems, announced today that it is opening a Series A Preferred Stock financing round for up to $15 million. The company has already received $6 million as part of the initial Series A funding round in the form of convertible financing from the Keshi Group, one of its largest customers.
Net proceeds of the new funding round will be used to set up small volume production of its vehicles in the U.S. and deliver on customer commitments. HummingbirdEV will also leverage the funding to launch and certify a complete range of next generation commercial electric vehicle (EV) trucks and related product lines, which are currently in development. In addition, HummingbirdEV will use the funding to expand its operations and staff, and to service new customer orders.
This news follows HummingbirdEV’s recent announcement of it officially surpassing integration of its products and technology into 500 commercial vehicles including trucks, buses, tractors, and mining vehicles, demonstrating demand for, and validation of, its technology in the real world.
“We’re proud of our progress to date, which is a testament to our team, cutting-edge products and technologies, and incredible network of investors,” said Rakesh Koneru, co-founder and CEO of HummingbirdEV. “The commercial EV industry is ripe for innovation and growth as companies get serious about reaching net-zero goals and states mandate carbon emissions reductions from the trucking industry. Our next generation of products are engineered to address commercial vehicle electrification challenges at scale from payload capacity and heavy-duty charging to manufacturing costs.”
The Series A Preferred Stock financing round is now open. The round is expected to close in Q1 2024. Interested parties should contact HummingbirdEV CEO, Rakesh Koneru, at rakesh.koneru@hummingbirdevusa.com and CFO, Yu Jiang, at yu.jiang@hummingbirdevusa.com.
For more information, visit https://hummingev.com.
About HummingbirdEV
HummingbirdEV, Inc. (HBEV) is a global leader and innovator of advanced products and technologies for zero emissions commercial vehicle applications including offering complete vehicles, electric drivetrain systems, bi-directional charging systems, modular batteries, control and telematic software, and other related products. The company has clients and active development programs throughout the U.S., China, and India and maintains a focus on innovating next generation products that provide significant feature and performance advantages over the status quo. HummingbirdEV was incorporated in 2015 and has its global headquarters located in Livermore, California. For further information, visit: https://hummingev.com.
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