The FedEx order, 2,000 medium-duty electric delivery trucks for $300 million, is believed to be one of the largest binding orders ever for medium- or heavy-duty electric trucks. Companies such as FedEx and Amazon are electrifying their fleets, both to cut emissions and to cope with diesel prices.
The round was co-led by Tiger Global, the Capricorn Technology Impact Fund and Ridgeline. The company says the money will fund expansion into energy storage, power generation, autonomy software and defense applications, and a continued ramp-up of manufacturing capacity for its medium-duty platform. Harbinger has raised more than $650 million since 2021.