Range Energy announced a $23.5 million new financing round led by Trousdale Ventures and with participation from UP.Partners, R7, and Yamaha Motor Ventures. Range says it will use the money to expand customer pilot programs for its electric-powered trailers, as well trailer production. Additionally, Range says it is also working to develop a new trailer data and telematics platform.
“Commercial-led innovation is material for achieving the electrification of on-road transportation. To date, consumer EVs have captured the attention of early adopters and are making inroads towards mass adoption, yet factors such as charging infrastructure, grid instability, and cost have all contributed to slower-than-hoped adoption rates,” said Ali Javidan, chief executive officer and founder of Range Energy. “Range is poised to ensure commercial fleets are able to adopt and transition to electric with speed and ease and our investors are committed to helping get our trailers into the hands of commercial fleet owners – and on the roads – quickly.”
Citing third-party testing, Range says its trailers have been shown to improve diesel-powered trucks fuel economy by more than 36%, and double the range of electric semi trucks. The company adds that its powered 53-ft. dry van is eligible for California’s Clear Off-Road Equipment (CORE) voucher incentive project.
“Commercial transport is one of the most complex sectors to decarbonize and owners and operators need smart solutions to solve for emissions reductions targets in the near-term. Specifically, trucking fleets need to feel confident the investments made in new technologies are future-proof and fit into their plans for the makeup of their fleets for years – and decades – to come,” said Hinrich J. Woebcken, general partner at Trousdale Ventures and former president and chief executive officer of Volkswagen Group of America. “Range is at the forefront of broad electric equipment adoption and the overall electrification of on-road transportation. The team is full of innovative, first-movers that have the experience required to transform the heavy transport industry for a more sustainable future. We believe in the company’s mission to make towing cleaner, safer, and more efficient and are excited to have skin in the game.”
