FedEx announced a $160 million Series C financing round for Los Angeles‑based electric‑truck maker Harbinger, with the deal co‑led by FedEx, Capricorn’s Technology Impact Fund, and THOR Industries. As part of the transaction, FedEx placed an order for 53 Harbinger electric vehicles, a mix of Class 5 and Class 6 chassis that will be ready for upfit by the end of 2025.
The round brings Harbinger’s total capital raised to $358 million and marks the company’s first major institutional backer. Founded in 2021, Harbinger has built a stripped‑chassis platform that can be fitted with a variety of body types, and it already has orders from Bimbo Bakeries USA and THOR Industries. The new capital will support scaling of production and further development of its in‑house electric powertrain technology.
FedEx’s order of 53 vehicles is a significant commitment for a medium‑duty EV manufacturer. The chassis will be delivered in 2025, aligning with FedEx’s goal to have 50 % of its owned parcel pickup and delivery fleet be electric by 2025 and 100 % by 2030, as part of its broader 2040 carbon‑neutral strategy. The partnership also supports FedEx’s focus on lower total cost of ownership, a point highlighted by Senior Vice President of Safety and Transportation Paul Melander, who said the vehicles “offer state‑of‑the‑art safety features with lower total cost of ownership.”
Harbinger’s CEO John Harris noted that the FedEx order “demonstrates that our platform is already gaining traction in the market and that investors share our confidence in the practicality of our technology.” Managing Partner Dipender Saluja of Capricorn’s Technology Impact Fund added that the deal signals a readiness in the medium‑duty truck sector to move from demonstration to mass adoption, with Harbinger positioned to lead that transition.
The collaboration underscores a broader trend of commercial fleets accelerating electrification, and it provides a real‑world validation of Harbinger’s cost‑parity strategy. By securing both capital and a large order from a global logistics leader, Harbinger is poised to expand its production capacity and accelerate the deployment of medium‑duty electric trucks across the United States.
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