Harbinger Secures $240M to Power EV Expansion Beyond Electric Trucks

Harbinger raises $240 million to expand EV platform beyond trucks

Harbinger has raised $240 million in Series D funding as the California electric vehicle manufacturer works to increase production of medium-duty trucks and expand into energy storage, power generation, autonomy software and defense applications.

The Garden Grove-based company said the round was co-led by Tiger Global, Capricorn’s Technology Impact Fund and Ridgeline. Fidelity Management & Research Company, Squarepoint Capital, Xantium, Maniv, Greycroft and other existing investors also participated.

FedEx and recreational vehicle manufacturer THOR Industries joined the round as strategic investors. Harbinger said the latest financing brings its total funding to more than $650 million since the company was founded in 2021.

The funding is expected to support two priorities: expanding manufacturing capacity for Harbinger’s medium-duty electric vehicle platform and applying the company’s engineering work to additional industrial markets.

Harbinger builds Class 4 through Class 6 chassis in all-electric and plug-in hybrid configurations. The company develops several major vehicle systems in-house, including the powertrain, battery system, steering and brakes.

Its current commercial vehicle work is closely tied to FedEx. Harbinger is working toward a 2,000-truck order from the parcel carrier, valued at more than $300 million, with deliveries scheduled through the end of 2027. FedEx initially ordered 53 electric truck chassis during Harbinger’s previous funding round.

That earlier financing, a $160 million Series C round, was announced last year and was co-led by FedEx, Capricorn’s Technology Impact Fund and THOR Industries. The investment helped Harbinger begin scaling production of its commercial vehicle platform.

For professional drivers and fleets, the FedEx program will provide a significant test of Harbinger’s ability to move from limited production to regular, higher-volume deliveries. The company said it had completed its 1,000th vehicle as of September. The FedEx order alone calls for twice that number by the end of 2027.

Harbinger’s vehicles are designed for work that requires more capability than a typical cargo van but does not necessarily require a heavy-duty tractor. The company’s medium-duty platform is intended for applications such as delivery, service and vocational operations, where vehicles often return to a terminal or depot and can be charged between shifts.

The company also recently introduced its HC Series Cab. In addition to an electric drivetrain, the platform can be equipped with a gasoline-powered range extender that provides up to 500 miles of range, depending on configuration. It can also provide up to 15 kilowatts of exportable power, allowing crews to operate equipment without carrying a separate generator.

That feature could be relevant for utility, construction, emergency-response and other vocational fleets, although Harbinger has not disclosed customer details for those applications. The company describes the platform as a foundation for multiple vehicle types rather than a single truck model.

Harbinger has expanded beyond vehicle manufacturing in other ways as well. It acquired autonomy software company Phantom AI and is developing technology for defense vehicles. Its first defense contract was announced this summer under an agreement with American Rheinmetall to build the platform for an uncrewed Army supply vehicle.

The Army program remains in the prototype phase, and no contract value has been disclosed. Harbinger has also begun selling its batteries for energy storage, according to information cited in the company’s financing announcement and related coverage. The company did not identify customers in energy storage or power generation.

The broader push reflects the way electric vehicle suppliers are trying to use common battery, software and power-management technology across several markets. Harbinger said the same in-house engineering developed for its trucks will be carried into energy, autonomy and defense applications.

Investors in the Series D include both financial firms and companies with direct industry ties. In addition to FedEx and THOR Industries, the participating investors include TechNexus, BuildGroup, Australian Gulf Capital, PanaceaVC, ArcTern Ventures and Leitmotif. Goldman Sachs and Morgan Stanley served as placement agents, according to the company.

Harbinger has not disclosed its valuation, current production capacity or how much of the new capital will be directed to truck manufacturing versus its newer business lines. The company also has not provided a detailed production schedule for the FedEx order beyond the 2027 delivery target.

Medium-duty electric trucks remain an emerging part of the U.S. commercial vehicle market. Adoption has been strongest in cargo vans, while electric step vans and medium-duty trucks represent a smaller share of new deployments. Fleets continue to weigh charging infrastructure, vehicle range, payload, purchase price and operating costs before committing to larger electric orders.

Harbinger’s new financing gives the company additional capital to address those production and engineering demands. Its progress will be measured not only by expansion into new markets, but also by whether it can consistently deliver the medium-duty trucks that fleets have ordered.