Range Energy – a hardware company bringing electric-powered trailers to the commercial trucking market – announced $23.5 million in new funding led by Phillip Sarofim’s Trousdale Ventures, with participation from UP.Partners, R7, and Yamaha Motor Ventures. And Range will use this fresh capital to accelerate its work on customer pilot programs in parallel with advancing towards full-scale production of its electric-powered trailers, essential to decarbonizing commercial fleets under pressure to meet emerging emissions reduction targets.
Range will invest resources towards the initial development of its new trailer data and telematics platform to bring unique insights to customers and further enhance the company’s growing technology portfolio. This additional financing brings Range’s total funding to $31.5 million, including the company’s $8 million seed financing.
Fleet owners and operators are under immense pressure to decarbonize, but electric tractors are years away from mass scale largely due to costs and capital planning, charging infrastructure, and reliability in inclement weather. And electric trailers present a practical solution to these challenges as they help the commercial trucking market tackle new emissions mandates, are cost-effective, and can be implemented with no operational disruptions. Range’s trailers are unique in that they are able to hook up to any of today’s diesel-powered trucks to immediately improve fuel economy by 36.3 percent, as shown in recent third-party on-road testing. Plus, Range’s powered trailers also can double the range of electric semi-trucks beginning to hit the roads, proving the technology’s ability to meet both near- and long-term electrification ambitions.
This financing comes on the heels of significant milestones Range achieved since its inception, including the development and debut of its first powered 53′ dry van, becoming the first trailer electrification platform eligible for California’s Clear Off-Road Equipment (CORE) voucher incentive project, and launching its Dealer Advisory Council with top commercial OEM dealers.
KEY QUOTES:
“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. 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.”
– Ali Javidan, CEO and founder, Range Energy
“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 futureproof and fit into their plans for the makeup of their fleets for years – and decades – to come. 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.”
– Hinrich J. Woebcken, General Partner at Trousdale Ventures and former President and CEO of Volkswagen Group of America
