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.
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XL Hybrids has adapted its XL3 technology for Ford F-250 trucks based on demand from fleet customers who are seeking even better fuel efficiency from Ford’s popular three-quarter-ton work trucks. This will be the first time that Ford F-250 trucks can be ordered by fleet customers with hybrid-electric drive technology.
The State of Massachusetts placed this new order after seeing successful results from past vehicle conversions by XL Hybrids for the DCR and Environmental Police vehicles. Those vehicle upfits, which are on a mix of Ford Transit vans, Ford E-Series Cutaways and Chevy Express vans, have saved 650 gallons of gas to date and the agencies expect to save nearly 82,000 gallons over the life of the systems.
Published in Bloomberg Technology - By Chris Martin
XL Hybrids Inc. won $22 million in venture capital funding led by units of Exelon Corp. and Ikea Group to accelerate sales of its hybrid-electric delivery trucks.
Published in VentureBeat - By Paul Sawers
XL Hybrids, a company specializing in converting gas- and diesel-powered company vehicles to electric-hybrids, has raised $22 million in a series D round of funding. The round included participation from IKEA Group (IKEA) and Constellation Technology Ventures (CTV) — the VC arm of U.S. energy giant Exelon — in addition to a number of “large family office” investors.
Published in The Fuse: By Matt Piotrowski
The electric vehicle (EV) market continues to heat up, and trucks are becoming the next frontier. While some truck owners are committed to going all electric, others are using hybrid technology to boost efficiency and reduce fuel costs.