Hercules Electric Vehicles, Detroit, MI, United States, is opening a $20 million Series A investment round managed by CMD Global Partners, a boutique investment bank.
James Breyer founded Hercules Electric Vehicles in 2018 with a vision to bring luxury eco-utility products to market, beginning with an electric pickup truck and followed by other exciting electric mobility products.
“This is an exciting period for Hercules, which is on a tremendous growth path for 2021,” said Breyer. “We’re making tremendous strides in our pursuit to create next-generation fun and efficient, high-performance mobility products.”
Hercules is developing an all-electric sport pickup truck, the Hercules Alpha, which will be available in late 2022. Hercules expects to demonstrate its first drivable architectural mule in April 2021.
The rugged luxury pickup will offer powertrain configurations with more than 1,000 hp through a torque-vectoring four-motor drive system. The motors provide independent torque control for amazing stability and ultimate high-performance. Hercules will offer a previously unapproached range of customer options for personalizing the Alpha, including fully customized interiors with numerous vegan and natural surfaces available, as well as a configurable Android-based digital experience system.
Hercules is commencing the Series A financing to support product development, add team members and is currently scouting locations for production of its components, including solid-state batteries. Breyer says the automaker intends to use existing industrial capacity wherever possible, paired with a modular design and assembly approach, enabling Hercules to bring eco-utility vehicles to market quickly and with a high level of personalization and craftsmanship.
Hercules has recently completed an agreement with Prieto Battery, Inc., of Fort Collins, Colorado, United States, to co-develop and commercialize solid-state batteries for production in North America. Hercules and Prieto will have the first commercial samples of the solid-state batteries by the end of the year, with production starting in 2023.
In September 2020, Hercules announced an exclusive agreement with Toronto-based Worksport Ltd., which will supply solar tonneau covers for the Alpha, adding as much as 19 miles of range extension daily when parked in the sunlight.
About Hercules Electric Vehicles
Hercules Electric Vehicles, a division of Hercules Electric Mobility, was founded in 2018 by auto veteran James Breyer. Hercules Electric Vehicles is a Detroit, Mich.-based electric vehicle manufacturer that plans to bring to market customizable, luxury, high-performance electric pickups and SUVs starting with its 1,000 hp Alpha pickup in mid-2022. Hercules vehicles will offer integrated solar charging, long-range batteries and optional fuel-cell range extender options.