The news
Harbinger, a California-based maker of electric medium-duty trucks, has raised $240 million in a Series D round co-led by Tiger Global, Capricorn’s Technology Impact Fund and Ridgeline. The funding will support expanded manufacturing capacity for its medium-duty trucks, as well as work on energy storage, power generation, autonomy software and defense work.
Harbinger has raised more than $650 million since it was founded in 2021.
FedEx and RV maker THOR Industries joined the round as strategic investors.
The details
The funding follows FedEx’s binding order for 2,000 Harbinger trucks worth more than $300 million. The Class 5 and 6 vehicles will replace diesel trucks one for one on FedEx pickup and delivery routes in the US and Canada.
FedEx placed its first order for 53 Harbinger trucks in November 2025, covering a mix of Class 5 and Class 6 models.
FedEx also co-led Harbinger's $160 million Series C that month.
Paul Melander, FedEx's senior vice president of safety and transportation, sits on Harbinger's board.
FedEx aims to electrify its entire parcel pickup and delivery fleet by 2040.
The FedEx order alone is twice the 1,000 vehicles Harbinger had built by late September. The new round pays for the continued ramp-up of its medium-duty manufacturing capacity.
The FedEx order covers a mix of Harbinger’s all-electric models.
Harbinger's platforms also go into RVs, mobile healthcare units and defense vehicles.
The order comes as diesel hits a record this fall, passing its 2022 peak. The US average reached $6.53 a gallon in late September and was $6.29 in the first week of November, up 68% from a year earlier, Energy Information Administration data show.
Diesel averaged $3.48 a gallon in the first week of January.
The previous record was $5.81, set in June 2022.
What’s next
FedEx expects to receive all 2,000 trucks by the end of 2027.
(Photo: Markus Winkler / Unsplash)
