XL Hybrids Raises $22M to Expand Fleet Business
XL Hybrids, Inc. has raised an oversubscribed Series D round of $22 million in venture capital funding to expand its sale and distribution of fleet vehicle electrification solutions to major customers across North America.
Photo courtesy of XL Hybrids.
Photo courtesy of XL Hybrids.
XL Hybrids, Inc. has raised an oversubscribed Series D round of $22 million in venture capital funding to expand its sale and distribution of fleet vehicle electrification solutions to major customers across North America.
Constellation Technology Ventures (CTV), the venture capital arm of Exelon Corp., and IKEA Group participated in the round along with new and existing large family office investors. The series brings XL Hybrids' total funding to over $50 million to date.
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.
"Electric vehicles are an increasingly viable option for customers to meet sustainability goals and manage operating fuel costs," said Scott Dupcak, manager with CTV. "Our investment in XL Hybrids both addresses a need in the commercial space for fleet conversion and is indicative of Exelon's commitment to providing customers reliable, clean, and affordable energy products and services."
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.
"At IKEA Group, we want to support innovative companies that are developing new technologies, solutions and business models and one of our priority investment areas is to help accelerate the transition towards electric transport," said Krister Mattsson, IKEA Group's head of financial asset management. "Through the investment in XL Hybrids, we want to enable the company to become a leading provider of electrification solutions for commercial vehicle fleets."
XL Hybrids also recently marked several milestones, including the first hybrid electric upfit for commercial Ford F-250 pickups, and the new XLP plug-In hybrid electric upfit for Ford F-150 pickups; a first-ever California Air Resources Board executive order for electrifying Ford Transit vans; recent fleet customer wins, including the state of Massachusetts, the city of Long Beach, San Diego Gas and Electric, DTE Energy, and Harvard University; and the first-ever Ford Electrification Qualified Vehicle Modifier (eQVM).
More Green Fleet
The EV Breakdown Nobody's Talking About: Why Most Electric Vehicle Roadside Calls Aren't Mechanical Failures
Here's why EV breakdowns are widely misunderstood.
Read More →
ChargePoint Now Available in Energy Pass
ChargePoint and additional planned charging network integrations were added to GM's Energy Pass.
Read More →
First Look: Slate Auto's Electric Fleet Pickup
Could an affordable, modular EV pickup make electrification more practical for fleets?
Read More →
Slate Debuts Colorful, Unique EV Models
A recent media and client event, studded with electric vehicles dressed up on platforms, planted a new position for the manufacturer in the wider EV market. Fleets will find cost-saving advantages.
Read More →
Slate Electric SUV, Pickup Switchable Model Aims For Light-Duty Fleets
Everything about this EV is counterintuitive and understated, making it stand out from the crowd.
Read More →
Inspiration Mobility Acquires Key Electrada Assets
Inspiration Mobility Group has acquired select assets of Electrada, adding the fleet electrification provider's team, technology, and charging infrastructure development capabilities to its energy management business.
Read More →
Turning Connected Vehicle Data Into Decisions That Matter
Fleet leaders have more data than ever, but turning that data into clear, actionable decisions remains a challenge. This white paper shows how leading organizations are using connected vehicle data to improve safety, reduce costs, and optimize fleet performance. Learn how to turn insight into action across your fleet.
Read More →
Are You Tracking Your Fleet's True Total Cost of Ownership?
Bobit Business Media surveyed 190 fleet professionals and found that while most fleets are tracking costs, fragmented systems and data gaps are keeping true TCO visibility out of reach. With rising pressure to control spend in an increasingly volatile environment, the gap between what fleets think they know and what the data actually shows is wider than you might expect. See how your peers are managing costs today and where the industry still has room to improve.
Read More →
Hybrids: Electrification Without the Challenges
For fleet managers, fuel is one of the biggest line items in the budget — and it's one hybrids can shrink without changing how your people work. Download the eBook to see the numbers, understand the technology, and get a step-by-step guide to making the switch.
Read More →