California-based Range Energy, a hardware company introducing powered trailers to the commercial trucking market, has secured $23.5M (approximately €21.74M) in fresh funding.
This investment brings Range’s total funding to $31.5M, inclusive of the initial $8M seed funding.
Investors supporting Range Energy
The latest investment was led by Phillip Sarofim’s Trousdale Ventures, with participation from UP.Partners, R7, and Yamaha Motor Ventures.
Hinrich J. Woebcken, General Partner at Trousdale Ventures and former President and CEO of Volkswagen Group of America, says, “Commercial transport is one of the most complex sectors to decarbonise 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,” adds Woebcken.
Capital utilisation
Range Energy plans to expedite its customer pilot programmes while simultaneously progressing towards full-scale production of its electric-powered trailers.
According to the company, these trailers play a crucial role in the decarbonisation efforts of commercial fleets, aligning with the increasing pressure to meet emerging emissions reduction targets.
Furthermore, Range Energy will allocate resources to initiate the development of a new trailer data and telematics platform. This platform aims to provide distinctive insights to customers, contributing to the continuous expansion of the company’s technology portfolio.
“Bringing trailers to life”
Founded in 2021, Range Energy accelerates commercial transportation electrification with powered trailers for heavy-duty trucks. These trailers connect to any tow vehicle, offering offroad mobile power and addressing immediate and long-term electrification needs.
Ali Javidan, CEO and founder of Range Energy, says, “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.”
According to Range, fleet owners face challenges in decarbonisation, with electric tractors still years away from mass adoption due to cost, charging infrastructure, and reliability issues.
Range Energy claims that its electric trailers offer a practical solution for the commercial trucking sector, helping meet emissions mandates, providing cost-effectiveness, and seamless integration without operational disruptions.
Range’s trailers, compatible with existing diesel trucks, demonstrated a 36.3 per cent improvement in fuel economy in recent third-party tests. Moreover, they can double the range of electric semi-trucks, addressing both short- and long-term electrification goals.