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Superlight, a developer of medium-duty electric trucks, closed $21 million in Series A funding, CEO Noamaan Siddiqi tells Axios Pro exclusively.

Why it matters: The startup is preparing for commercial production of its vehicles, which it says can compete on cost with conventional diesel trucks.

Zoom in: Engine Ventures and 2150 led the round, and Avila Ventures joined the roughly eight-month raise, which closed in May.

The UK-based company previously raised $11 million.

Engine Ventures president Israel Ruiz and 2150 partner Rahul Parekh joined Superlight's five-member board. 

The big picture: Superlight is developing medium-duty electric trucks for middle-mile delivery, logistics, contractors and similar roles. 

It's had prototypes on the road since 2020 and expects to begin commercial deliveries in the U.K. and Europe in the next year, producing the trucks at a factory near Heathrow Airport.

Reality check: Superlight is driving a road littered with the skeleton frames of electric truck efforts, including Arrival, Electric Last Mile Solution, and canceled or curtailed efforts from legacy automakers.

The other side: "I've heard this before," Siddiqi tells Axios Pro. "The entire thesis behind our company is not, 'Let's make an electric truck.' It's 'make an economically viable commercial vehicle.'"

Superlight's debut OV-1 truck will be profitable at price-parity with incumbents, he says, and cost a fraction to operate.

What's next: The company plans to offer three models spanning £110,000 to £145,000 with 80, 250, or 500 miles of driving range — the last supported by a gasoline range-extender.

It expects to first focus on European markets, then expand to the U.S. with longer-range models.

Exclusive: Superlight raises $21M for electric trucks

The startup is preparing for commercial production of its vehicles.

Illustration of a truck featuring a dollar bill surrounded by various shapes and money patterns

Superlight, a developer of medium-duty electric trucks, closed $21 million in Series A funding, CEO Noamaan Siddiqi tells Axios Pro exclusively.Why it matters: The startup is preparing for commercial production of its vehicles, which it says can compete on cost with conventional diesel trucks.

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Exclusive: Superlight raises $21M for electric trucks

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