XL Hybrids Secures $22 Million

Transportation startup XL Hybrids announced it has raised $22 million in Series D financing from Constellation Technology Ventures and IKEA Group.

XL Hybrids is the leader in fleet electrification solutions for commercial and municipal fleets, with technology that delivers a 25 percent increase in miles per gallon and reduces carbon dioxide emissions. The company’s award-winning XL3 Hybrid Electric Drive System helps commercial and municipal fleets lower operating costs and meet sustainability goals. Compatible with new and existing Class 2 to 6 commercial fleet vehicles, the XL3 system can be installed in less than six hours, and works seamlessly in the background with zero impact on fleet operations or service and no driver training or infrastructure requirements.

The company revealed that the latest funding will allow XL Hybrids 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.