XL Hybrids, Inc., a Boston, MA-based provider of connected fleet electrification solutions for commercial and municipal fleets, raised a $22m Series D funding round.
The round, which brings total funding to over $50m, was led by Constellation Technology Ventures (CTV), the venture capital arm of Exelon Corporation, with participation from IKEA Group along with new and existing large family office investors.
The company intends to use the funds for the development, sale and distribution of its solutions to major customers across North America.
Led by Tod Hynes, founder and CEO, XL Hybrids provides connected fleet electrification solutions for commercial and municipal fleets, with technology that delivers an increase in miles per gallon and reduces carbon dioxide emissions.
The XL3 Hybrid Electric Drive System is a solution that enables commercial and municipal fleets to 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.
Customers include The Coca-Cola Company, Yale University and the City of Boston, among others.