Nevoya, the Los Angeles-based electric vehicle (EV) startup, is making significant strides in the freight transport sector with a $9.3 million seed round. Founded with the goal of accelerating EV truck adoption, Nevoya has now successfully reached cost parity with diesel trucks for its operations in California. This milestone comes as the company expands its fleet and builds momentum in the competitive trucking industry.
Founded by Sami Khan, Nevoya purchases electric trucks and provides them to Fortune 500 shippers. The company has already secured contracts with 10 prominent companies and continues to operate efficiently, offering services at the same cost as diesel-powered alternatives—a significant achievement for the green energy sector amidst the current anti-EV political climate.
The key to Nevoya’s success lies in its innovative use of AI. The company leverages artificial intelligence to optimize trucking routes, balance loads for maximum energy efficiency, and streamline charging schedules and battery management. By automating most of its operations, Nevoya has been able to cut costs and improve fleet management efficiency.
Khan explained,
“We realized 90% of the operations could be automated or semi-automated. This has made our trucking business far leaner than traditional operators.”
The company has already started expanding beyond California, with Texas being the next major market. However, this move comes with its own challenges, particularly in regions with limited EV charging infrastructure. To work around this, Nevoya has been charging its trucks at off-peak locations, including school bus depots and passenger vehicle stations, to lower upfront costs and speed up expansion.
Khan, who previously sought more modest funding, was convinced to aim higher after Shawn Xu from Lowercarbon Capital encouraged him to raise a larger sum. Lowercarbon Capital, along with Floating Point, LMNT Ventures, and existing investors, led the seed round. Notably, Applied Intuition’s CEO Qasar Younis also invested, further validating Nevoya’s potential in autonomous trucking.
With the new funds, Nevoya plans to grow its electric fleet and improve infrastructure, helping it reach new markets and reduce its cost per mile even further. As it moves forward, Nevoya aims to dominate the EV freight transport space while contributing to sustainability in the logistics industry.https://www.youtube.com/watch?v=L2YfSu6Wn4c
