Constellation Technology Ventures Among Investors In Commercial Truck Electrification Company
XL Hybrids, Inc., which provides connected fleet electrification solutions for commercial and municipal fleets, recently 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.
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.
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 offers its XL3 Hybrid Electric Drive System and the XLP Plug-In Hybrid Electric Drive System to Class 2 to 6 commercial fleet customers