Detroit-based Hercules Electric Vehicles, which is developing an all-electric luxury pick-up truck, has announced that it is opening a US$20m Series A funding period to help bring the vehicle to market in late 2022.
The all-electric sport pickup truck, the Hercules Alpha, is a 1,000 hp rugged luxury pickup that the company hopes to demonstrate with its first drivable architectural mule in April 2021.
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. Hercules founder James Breyer claims 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.
“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 has recently completed an agreement with Colorado-based Prieto Battery 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, which will supply solar tonneau covers for the Alpha, adding as much as 19 miles of range extension daily when parked in the sunlight.