US-based vehicle electrification technology developer XL Hybrids received $22m in series D funding yesterday from investors including furnishings retailer Ikea and Constellation Technology Ventures (CTV), a subsidiary of energy company Exelon.
The oversubscribed round, which boosted XL Hybrids’ overall funding to more than $50m, included undisclosed new and existing large family offices, though the company did not give details of their identities. It has not disclosed precise information about its earlier investors.
Founded in 2008 as Entergem Ventures, XL Hybrids has created electric drive systems that can be inserted into vehicles, allowing them to run on electricity while keeping their powertrains intact.
The series D cash will support investment in the company’s technology and the growth of its facilities and headcount as it looks to add more hybrid and plug-in electric products.
Krister Mattsson, Ikea’s head of financial asset management, said: “At Ikea Group, we want to support innovative companies that are developing new technologies, solutions and business models and one of our priority investment areas is to help accelerate the transition towards electric transport.
“Through the investment in XL Hybrids, we want to enable the company to become a leading provider of electrification solutions for commercial vehicle fleets. It also builds on our existing investments in renewable energy and innovative solutions that help create a better everyday life and have a positive impact on the world.”
– Photo courtesy of XL Hybrids.