XL Hybrids, Inc., a Boston, MA-based provider of fleet electrification solutions for commercial and municipal fleets, closed a $10.5m Series C financing.
The company has raised a total of $20 million to date.
The round was led by private equity investor Peter O’Brien. O’Brien, a former head of investment banking for Morgan Stanley, currently serves on the Board of Directors for several publicly-traded companies involved in the oil and gas industries, including OAO TMK, and IG Seismic Services.
Incorporated in 2009, XL Hybrids provides fleet electrification solutions for commercial and municipal fleets. The company supports customers such as The Coca-Cola Company, FedEx and other major fleets via its XL3 Hybrid Electric Drive System, a solution that 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 in the background with zero impact on fleet operations or service, and no driver training or infrastructure requirements.
FinSMEs
01/09/2015