Harbinger said Nov. 5 that it raised $240 million in Series D financing, adding capital to expand manufacturing and take its electrification technology into markets beyond commercial trucks.
Tiger Global, Capricorn’s Technology Impact Fund and Ridgeline co-led the round. The medium-duty vehicle maker said the financing brought its total capital raised to more than $650 million.
Manufacturing and new markets
In its funding announcement, Harbinger said proceeds would support a manufacturing ramp for its medium-duty platform and expansion in commercial vehicles, energy storage, power generation, autonomy software and defense applications.
Participants included Fidelity Management & Research Co., Squarepoint Capital and Xantium, as well as strategic investors FedEx and THOR Industries through TechNexus, the company said.
The listed uses describe Harbinger’s expansion plans, not completed deployments or demonstrated financial returns from those markets.
A fleet order behind the expansion
Bloomberg reported that Harbinger said in September it had received a FedEx order for 2,000 electric delivery vans worth more than $300 million. Harbinger plans to deliver those vehicles by the end of 2027, according to the report.
Bloomberg also reported that Harbinger’s expansion this year included acquiring autonomous-driving company Phantom AI and partnering with American Rheinmetall to develop unmanned support vehicles for the U.S. Army. A July company announcement also describes those steps.
Chief Executive John Harris told Bloomberg the company had deliberately sought investors focused on crossover or public markets. That describes its investor selection, not an announced stock-market listing.