THOR Industries Co-Invests in EV Partner Harbinger Motors – RVBusiness – Breaking RV Industry News
On Nov, 3, 2022, THOR Industries announced that it has entered into a strategic partnership with Harbinger Motors Inc., a best-in-class commercial electric vehicle (EV) company. It was announced today that THOR has joined a consortium of investors pledging $60 million to Harbinger. (Photo: Jim Mac/RVBusiness)
GARDEN GROVE, Calif. – Harbinger Motors, a Southern California-based automotive manufacturer, has secured $60 million in Series A funding from a diverse consortium of investors led by Ridgeline and THOR Industries. Each of these investors shares a commitment to sustainability through mobility transformation.
“The convergence of support from diverse industries underscores our broader vision and the impact Harbinger Motors aims to achieve,” said John Harris, CEO and Co-Founder, Harbinger Motors. “This collective endorsement reaffirms our unwavering commitment to building sustainable transportation solutions and revolutionizing both commercial and specialty vehicles.”
The investment will accelerate progress toward the production of the company’s innovative electric stripped chassis designed from the ground up to address the unique performance, durability, and lifespan expectations required of Class 4 to Class 6 vehicles. In addition, the company plans to double its workforce over the next year to 120 employees at its recently announced headquarters in Garden Grove, Calif.
“Rarely do early-stage companies execute on hard problems the way the team at Harbinger has through this milestone,” said Ryan Clinton, Co-Founder and Managing Partner, Ridgeline. “Ridgeline is proud to co-lead this round with THOR. The commitment of the larger strategic investors is an incredible signal that Harbinger is on the cusp of electrifying a key market segment in logistics and transportation. We have complete conviction in the team to continue to execute through volume production.”
Electrifying the Future of RVs
THOR Industries and its investment partner TechNexus amplified their joint commitment to electrification by joining the Series A round as a co-lead investor, extending the previously announced partnership between THOR and Harbinger. The THOR family of recreational vehicle (RV) companies, combined, represent the world’s largest manufacturer of RVs. Through this investment, THOR deepens its collaboration with Harbinger to provide electrification solutions for their motorized RVs.
“Harbinger’s focus on the medium-duty chassis market uniquely situates it to be a key partner to THOR,” shared Todd Woelfer, THOR Chief Operating Officer. “THOR is focused on offering a best-in-class solution for electric RVs, and Harbinger’s chassis will be a key component to our integrated solution. Harbinger’s proprietary technology sets it apart from other manufacturers. Their electric chassis offers game-changing driver experience, safety and vehicle operation. Harbinger is an important partner not only to our electrification strategy but also on our journey to net zero emissions which is an important element of our overall corporate strategy. At THOR, we are very excited about this partnership and what it means for our RV users and for our future.”
“THOR’s investment enables Harbinger to expand its focus beyond electrifying commercial applications into specialty vehicles,” said Harris. “We are excited to grow our relationship with THOR and present a sustainable option for recreational vehicles and the owners who seek quieter, environmentally-friendly alternatives.”
Advancing Sustainability Initiatives
Greycroft, which manages the $137.7 million Greycroft Coca‑Cola System Sustainability Fund, joins a list of notable sustainability, transportation and infrastructure investment companies in committing to Harbinger’s Series A round.
“We’re excited to collaborate with Harbinger Motors in their mission to deliver immediate, meaningful change through sustainable transportation solutions,” said Dana Settle, Co-Founder and Managing Partner at Greycroft. “Harbinger’s dedication to innovation aligns with the new fund’s vision, and we look forward to partnering with the team as they aim to revolutionize the commercial and specialty vehicle landscape.”
“Harbinger was built from the ground up to help reduce the carbon footprint of last-mile delivery services,” said Harris. “Greycroft’s investment through the Greycroft Coca-Cola System Sustainability Fund further validates our focus, reinforcing our commitment to transforming the medium-duty industry with sustainable solutions that make an impact today.”
In addition to Greycroft, Harbinger is excited to welcome new investors Riverstone Holdings, Acequia Capital and Squarepoint Capital as contributors to Harbinger’s Series A through deeply-rooted energy, sustainability, transport and infrastructure-focused investment funds.
Recommitting to Harbinger
Further investment includes return investors Tiger Global, Kalyani Mobility, Maniv Mobility, Overture and Ironspring Ventures. In conjunction with Ridgeline’s investment in Harbinger’s Series A funding round, Ridgeline General Partner and Co-Founder Ryan Clinton will join Harbinger’s Board of Directors on behalf of the Series A investors.
To learn more about Harbinger’s technology, visit www.harbingermotors.com.
About Harbinger
Harbinger is an 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 for zero acquisition premium. Harbinger: familiar form, revolutionary foundation.
About THOR Industries
THOR Industries is the sole owner of operating companies which, combined, represent the world’s largest RV manufacturer. For more information on the Company and its products, please visit https://www.thorindustries.com/.
About TechNexus Venture Collaborative
TechNexus helps leading corporations and ambitious entrepreneurs develop mutually beneficial relationships that accelerate growth opportunities. A first-of-its-kind Venture Collaborative, we invest capital, incubate, and collaborate to create new growth opportunities. For over a decade, TechNexus has initiated hundreds of positive outcomes between mature corporations and early-stage companies to create new business models, revenue streams, and products. For more information, please visit technexus.com.
About Ridgeline
Ridgeline is an early-stage, venture capital firm founded by Ryan Clinton, Ben Walker, and Andrew McMahon. The firm’s thesis is fundamentally rooted in a geopolitical view and the belief that technology is central to securing a prosperous future for America and its national security interests. Ridgeline leverages its expertise and deep network to surround founders with the resources and relationships they need to navigate the fraught terrain between product potential and product market fit.
About Greycroft
Greycroft is a seed-to-growth venture capital firm that partners with entrepreneurs of all backgrounds to build category-defining companies. We have deep experience investing in consumer, enterprise, health tech, and fintech sectors around the globe and work as a team to support and advise entrepreneurs, empowering them to execute on their visions. Greycroft has raised over $3 billion in capital and has made over 400 investments since inception. For more information, please visit https://www.greycroft.com.
About Tiger Global
Tiger Global Management, LLC is a global investment firm investing in private and public companies across the global Internet, software, consumer, and financial technology industries. Our mission is to generate world-class returns for our investors over the long term and to do so in a way we feel proud.
About Riverstone Holdings
Founded in 2000, Riverstone is an investment firm focused on executing private equity and credit investments in energy, power, decarbonization and infrastructure. To date, the Firm has raised approximately $43 billion of capital, which it has deployed across its platform to over 200 portfolio companies since inception. For more information about Riverstone, please visit www.riverstonellc.com.
About Squarepoint
Squarepoint is a global investment management firm that utilizes a diversified portfolio of systematic and quantitative strategies across financial markets that seeks to achieve high quality, uncorrelated returns for our clients. Squarepoint has investment strategies in both public and private markets. We have deep expertise in trading, technology and operations and attribute our success to rigorous scientific research. Squarepoint has invested in a variety of early and late-stage companies in the areas of healthcare, technology and beyond. With offices around the globe, we emphasize true, global collaboration by aligning our investment, technology and operations teams functionally around the world.
About Acequia Capital
Acequia Capital is a leading early-stage global investment platform. Founded in 2010 by Microsoft senior executive Hank Vigil, Acequia has invested in over 350 companies across the full technology stack and has achieved more than a decade of consistent, top quartile returns. Acequia Capital centers a global innovation ecosystem that sources and attracts best-in-class founders working to build the next wave of enduring businesses. The firm is organized to harvest and execute on our network’s collective intelligence in areas such as artificial intelligence and machine learning, software and knowledge worker tooling, new infrastructure, industry reinvention and New Industrials.
About Maniv Mobility
Maniv Mobility is a leading venture investor partnering with early-stage transportation technology startups around the world. Focused on the decarbonization of the transportation and logistics sectors as well as the comprehensive digitization of those value chains, Maniv has built a portfolio of nearly forty companies accelerating the cleaner, safer, more efficient and more accessible movement of people and goods. Maniv has over USD $300m under management and is backed by world-class institutional investors alongside a broad consortium of strategic partners from relevant industries including major carmakers, tier-1 suppliers, the world’s largest fleets, energy and infrastructure giants, and more.
About Ironspring Ventures
Ironspring Ventures is an early stage, sector focused venture capital firm specializing in digital industrial innovation. Based in Austin, TX, the fund leads and co-leads early stage investments across four core focus areas: construction, manufacturing, transport & logistics, and alternative energy. Ironspring Ventures is committed to partnering with world-class founders who are changing the way we design, build, distribute, and operate across the industrial supply chain and adds differentiated value through its network of premier industrial operating companies and subject matter experts.
About Overture
Overture is an early-stage venture fund devoted to visionary founders building the sustainable economy of the future. We specialize in helping our portfolio companies win government support and navigate regulatory complexity.
Source: https://rvbusiness.com/thor-industries-co-invests-in-ev-partner-harbinger-motors/
