Intramotev, a technology company building battery-electric railcar retrofits, announced it had closed a $14.4 million oversubscribed Series A funding round. This funding round was led by Flybridge Capital Partners and Alpaca VC, and joined by other investors, including Advantage Capital, Aera VC, Band VC, Cantos, Cathcart Rail, Collide Capital, Decisive Point, and Idealab Arizona.
Intramotev’s retrofitted solutions enable customers to increase their rail capacity while saving money on fuel and lowering their carbon footprint.
Intramotev is the only self-propelled railcar supplier with units in active revenue service. Currently deployed at Iron Senergy’s Cumberland Mine, Intramotev will launch an additional deployment at a calcium mine owned by Carmeuse Americas later this year.
KEY QUOTES:
“This funding positions us to continue deploying our technology to customers across the US and abroad to unlock a new era of growth for the rail industry. We’ve heard from customers again and again that they want freight solutions that don’t compromise on efficiency, speed, or flexibility. TugVolt and ReVolt deliver just that.”
- Tim Luchini, Intramotev’s CEO
“A lot of suppliers promise to make your job easier, but Intramotev actually delivers. Intramotev’s team worked relentlessly to ensure the proper implementation of their technology at our mine, and we couldn’t be more pleased with the results. 5,000 miles into our experience with their ReVolt train, we’re thrilled to continue working with Intramotev to accelerate innovation in mining.”
- Jon Brown, VP of Business Development and Capital at Iron Senergy
