XL Hybrids Secures $22 Million Investment, Validates Mission of Vehicle Electrification
Constellation Technology Ventures joins IKEA Group in Series D round
of funding
XL
Hybrids, Inc., the leader in connected fleet electrification
solutions for commercial and municipal fleets, today announced it has
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
over $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 an unprecedented year in which XL Hybrids’
roster of customers has collectively driven over 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.
“Electric vehicles are an increasingly viable option for customers to
meet sustainability goals and manage operating fuel costs. 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,” said Scott Dupcak, manager with CTV.
“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. Through the investment in XL Hybrids, we
want to enable the company to become a leading provider of
electrification solutions for commercial vehicle fleets. It also builds
on our existing investments in renewable energy and innovative solutions
that help create a better everyday life and have a positive impact on
the world,” said Krister Mattsson, Head of Financial Asset Management,
IKEA Group.
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 & Electric, DTE Energy, and Harvard
University; and
-
The first-ever Ford Electrification Qualified Vehicle Modifier (eQVM).
“XL Hybrids has led the way in commercial fleet electrification by
working with Fortune 500 companies, major municipalities and leading
automotive companies, such as Ford, General Motors and Isuzu,” said Tod
Hynes, founder and CEO of XL Hybrids. “CTV and IKEA Group are perfect
partners to accelerate XL’s growth, scale our fleet electrification
solutions, and help our customers reduce their fuel usage while saving
money and meeting sustainability goals.”
About XL Hybrids
XL Hybrids is the leader in connected fleet
electrification solutions for commercial and municipal fleets, relied on
by customers such as The Coca-Cola Company, Yale University and the City
of Boston. With the revolutionarily simple XL3® Hybrid Electric Drive
System and the XLP™ Plug-In Hybrid Electric Drive System, Class 2 to 6
commercial fleet customers can increase their fleets’ fuel economy by
around 25 percent and reduce carbon dioxide emissions, decreasing
operating costs and meeting sustainability goals with zero impact on
fleet operations or service. XL Hybrids works with Ford, General Motors,
Isuzu and other major OEMs on the proven path to scaling thousands of
commercial trucks, vans and shuttles. Founded by MIT alumni and funded
by Constellation Technology Ventures, IKEA Group and private investors,
XL Hybrids is based in Boston. For more information, visit www.xlhybrids.com
or on Twitter @XLHybrids.
About Constellation
Constellation is a leading competitive
retail supplier of power, natural gas and energy products and services
for homes and businesses across the continental United States.
Constellation's family of retail businesses serves approximately 2.2
million residential, public sector and business customers, including
more than two-thirds of the Fortune 100. Baltimore-based Constellation
is a subsidiary of Exelon Corporation (NYSE: EXC), the nation's leading
competitive energy provider, with 2016 revenues of approximately $31.4
billion, and more than 35,500 megawatts of owned capacity comprising one
of the nation's cleanest and lowest-cost power generation fleets. Learn
more at www.constellation.com
or on Twitter at @ConstellationEG.
About IKEA Group (Ingka Holding B.V. and its controlled entities)
The
IKEA vision is to create a better everyday life for the many people and
we offer well designed, functional and affordable, high quality home
furnishing, produced with care for people and the environment. The IKEA
Group owns and operates 355 stores in 29 countries under franchise
agreements with Inter IKEA Systems B.V. In addition there are more than
40 stores run by other franchisees. IKEA Group stores had 817 million
visitors during FY17 and 2.1 billion people visited www.IKEA.com.
IKEA Group’s venture capital investments unit invests to support the
growth of innovative companies that are building a more sustainable,
connected and affordable life at home.
View source version on businesswire.com: http://www.businesswire.com/news/home/20171012006095/en/
Copyright Business Wire 2017