XL Hybrids Secures $22 Million Investment, Validates Mission of Vehicle Electrification
October 12 2017 - 12:34PM
Business Wire
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 HybridsXL 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 ConstellationConstellation 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.
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Metis CommunicationsJustine Boucher,
617-236-0500xlhybrids@metiscomm.com