XL Hybrids, a developer of electrification solutions for commercial and municipal fleets, raised an oversubscribed Series D round of $22 million. Constellation Technology Ventures (CTV), the venture capital arm of Exelon Corporation, and IKEA Group participated in the round along with new and existing large family office investors.
The series brings XL Hybrids’ total funding to more than $50 million to date for the development, sale and distribution of fleet vehicle electrification solutions to major customers across North America.
CTV and IKEA Group both financially back companies that are leading the charge within the megatrends of vehicle electrification, vehicle connectivity and the low carbon economy. Their investment in XL Hybrids comes toward the end of a year in which XL Hybrids’ roster of customers has collectively driven more than 50 million miles using the XL3 Hybrid Electric Drive System in its passenger, service and delivery fleet vehicles.
The latest funding will allow the company to accelerate growth by expanding its team and facilities, growing its product portfolio of hybrid electric and plug-in vehicle solutions, and investing in additional proprietary technical solutions.