- Category: Finance
18 Mar 2013
- Published on Monday, 18 March 2013 09:27
- Hits (1894)
XL Hybrids, Inc. has raised $4 million in a series B investment round to ramp up the delivery of its hybrid electric powertrain to existing and new customers.
XL Hybrid’s low-cost hybrid electric powertrain was designed for class 1 to 3 commercial fleet vehicles. The system can be installed in existing vehicles or as an upfit on a new one. By storing energy wasted in braking and reapplying it during acceleration, the XL Hybrid technology decreases fuel use and carbon dioxide emissions by about 21.2 percent.
Earlier this quarter, XL Hybrids expanded its product line to offer hybrid power train technology for Ford E-Series vans.
“This round of investment enables us to start scaling our business and expanding our geographic reach. We are working with customers that have large national and international fleets, and we can now help them save fuel and money at a larger scale,” said Tod Hynes, president and founder of XL Hybrids.
This latest investment round brings the total amount of funding for XL Hybrids to approximately $8 million. The round was led by private investors from multiple industries with previous investors also participating. – EcoSeed Staff