Range Energy received $23.5 million in new funding led by Phillip Sarofim’s Trousdale Ventures, with participation from UP.Partners, R7, and Yamaha Motor Ventures. Range will use this fresh capital to accelerate its work on customer pilot programs to advance full-scale production of its electric powered trailers. In addition, Range will invest resources towards the initial development of its 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 inclusive of the company’s $8 million seed financing.
“Commercial-led innovation is material for achieving the electrification of on-road transportation,” said Ali Javidan, CEO and founder, 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.”
Read more: Range Energy launches Dealer Advisory Council for electric trailers
Range’s electric trailers can hook up to any of today’s diesel-powered trucks to immediately improve fuel economy by 36.3%, as shown in recent third party on-road testing, the company stated. Range’s powered trailers also can double the range of electric semi-trucks beginning to hit the roads.
The 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.
“Range is at the forefront of broad electric equipment adoption and the overall electrification of on-road transportation,” said Hinrich J. Woebcken, general partner at Trousdale Ventures and former president and CEO of Volkswagen Group of America. “We believe in the company’s mission to make towing cleaner, safer, and more efficient and are excited to have skin in the game.”