# XL Hybrids

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/xl-hybrids

- Industry: Automobiles, Other Vehicles & Parts
- Headquarters: Boston, US
- Website: www.xlhybrids.com
- Total disclosed funding: $22M
- Latest round: Series D (Oct 12, 2017)
- Investors on record: 2

## About

XL Hybrids, Inc. develops hybrid vehicle systems that enhance fuel efficiency and reduce emissions for commercial fleets, making strides towards eco-friendly transportation solutions.Founded in 2009, XL Hybrids, Inc. is based in Boston, US, and specializes in hybrid vehicle technology. The company has completed a total of 8 deals, with the most recent funding round being a Series D, which took place on October 12, 2017, raising USD 22.00 mn led by Constellation Technology Ventures and including Ikea Group.XL Hybrids specializes in providing hybrid vehicle systems designed to enhance fuel efficiency and reduce emissions for commercial fleets. Their core product offerings include advanced hybrid electric vehicle (HEV) systems that integrate seamlessly with existing internal combustion engine vehicles. These systems are engineered to optimize fuel usage, decrease operational costs, and support environmental sustainability initiatives within industries such as transportation, logistics, and delivery services. Customers primarily consist of fleet operators in North America, including municipalities and private companies seeking to lower their carbon footprint while maintaining operational efficiency. XL Hybrids focuses on markets in the United States and Canada, where demand for eco-friendly transportation solutions is increasing.The revenue structure for XL Hybrids is built around direct sales of their hybrid conversion systems to fleet operators, along with potential maintenance and support services. Transactions typically occur through a B2B model, where businesses purchase complete hybrid systems or partnership agreements for ongoing support and upgrades. Pricing plans are tailored to the specific needs of each client, depending on the scale of their fleet and the level of integration required for their existing vehicles. Flagship products include their proprietary hybrid systems, which are designed to provide measurable improvements in fuel economy and emissions reductions for clients engaged in daily commercial operations. The structure of these transactions allows for long-term relationships with customers, as they often require ongoing service agreements to maintain optimal performance of the hybrid systems installed in their fleets.In October 2017, XL Hybrids secured USD 22.00 mn in a Series D funding round led by Constellation Technology Ventures, with participation from Ikea Group. The funding is expected to fuel the development of upcoming hybrid vehicle systems and support expansion into new markets, particularly targeting geographic regions with a growing demand for sustainable transportation solutions. The company aims to enhance its product line and increase its market presence by leveraging these resources.

## Funding rounds

- Series D, Oct 12, 2017, $22M — Constellation Technology Ventures, Ikea Group

## Investors

- Constellation Technology Ventures (https://capitalatlas.ai/funds/constellation-technology-ventures) — Series D
- Ikea Group — Series D