Boston-based XL Hybrids, Inc., which specializes in converting gas- and diesel- powered fleet vehicles to electric hybrids, has raised $22 million in Series D funding.
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 customers across North America.
“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.
The company hopes the latest funding will allow accelerated growth by allowing expansion of its team and facilities.
XL Hybrids 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;
“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.”