Detroit Automaker on Track to Bring First Luxury Pickup to Market in Late 2022
DETROIT – Hercules Electric Vehicles 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.”
The company 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.
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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, Colo., 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.
Hercules Electric Vehicles, a division of Hercules Electric Mobility, was founded in 2018 by auto veteran James Breyer. The company 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. Its vehicles will offer integrated solar charging, long-range batteries and optional fuel-cell range extender options.