XL Hybrids, Inc., a Boston, MA-based provider of a low-cost hybrid electric powertrain designed for class 1 to 3 commercial fleet vehicles, raised $4m in Series B funding.
Backers included unnamed entrepreneurs and business executives from multiple industries, including automotive, energy, software and finance. Previous investors also participated in the round.
The company intends to use the proceed from this funding, which brings the total amount to approximately $8m, to increase product adption among existing and new customers throughout North America.
Led by Tod Hynes, president and founder, XL Hybrids designs, manufactures and installs hybrid electric powertrains for commercial vans and trucks. The company’s patent-pending hybrid electric powertrain can be installed on existing vehicles or as an upfit on new ones. By storing energy wasted in braking and reapplying it during acceleration, the technology decreases fuel use and carbon dioxide emission.
Earlier this quarter, XL Hybrids expanded its product line to offer hybrid powertrain technology for Ford E-Series vans, and signed an installation partnership and distribution agreement with Leggett & Platt Commercial Vehicle Products (CVP).