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XL Hybrids secures $4M in Series B investment
13 March 2013
XL Hybrids, Inc., provider of a low-cost hybrid electric powertrain designed for class 1 to 3 commercial fleet vehicles (earlier post), has raised $4 million in a series B investment round led by private investors, with previous investors also participating in the round.
XL Hybrids’ hybrid electric powertrain reduces fuel consumption by up to 20% and can be installed in both new and existing vehicles. This type of system is suited for companies operating commercial vans, box-trucks and shuttles in and around major urban markets.
After developing its hybrid powertrain technology and validating it in the field with multiple Fortune 500 companies, XL Hybrids will use this funding to ramp up the delivery of its hybrid electric powertrain to existing and new customers.
This latest investment round brings the total amount of funding for XL Hybrids to approximately $8 million. Earlier this quarter, XL Hybrids expanded its product line to offer hybrid powertrain technology for Ford E-Series vans; the company can now offer a compelling return on investment and significant emissions reductions to more than 75% of light duty van fleet buyers. XL Hybrids also signed an installation partnership and distribution agreement with Leggett & Platt Commercial Vehicle Products (CVP), providing its customers with ship-through ordering.
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. With support from our investors, XL Hybrids will continue to expand the availability of our hybrid powertrain and meet the demands of commercial fleets looking for a proven return on investment and reduced emissions.— Tod Hynes, president and founder of XL Hybrids
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