IRP Systems, a provider of electric powertrain products, has raised $17 million in Series B funding. The round was led by Chinese venture capital firm Fosun RZ Capital. Other investors include JAL ventures, Entrée Capital, Tal Capital, Union Tech Ventures, Cendana Capital and Champion Motors. IRP Systems was originally founded as an aerospace powertrain company,… Read more »
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Electric aircraft maker Lilium completes $240-million funding round
Munich-based aviation company Lilium is developing an all-electric, vertical take-off and landing (eVTOL) aircraft designed to serve regional air travel markets. The company recently completed a $240-million funding round led by Tencent, with participation from other existing investors, including Atomico, Freigeist and LGT. The new funds bring the total sum raised to date to over… Read more »
New York State pledges $24 million in VW settlement funds for electric transit buses
New York State’s Department of Environmental Conservation (DEC) and the New York State Energy Research and Development Authority (NYSERDA) have announced that over $24 million is available to replace diesel-powered transit buses with new all-electric buses. As part of the state’s $128-million allocation from the federal Volkswagen Settlement, NYSERDA will invest $18.4 million to fund… Read more »
Lightning Systems raises $41 million for electric powertrain production
Colorado-based Lightning Systems, a developer of electric drivetrains, has raised $41 million in a recent funding round led by BP Ventures. Private equity fund Cupola Infrastructure Income Fund contributed as a new investor. Lightning will use the funding to ramp up production of electric powertrains for Ford Transits, Ford E-450s, Ford F-59 step vans, Chevrolet… Read more »
Motiv secures $60 million to scale EPIC electric chassis, establish Detroit plant
Motiv Power Systems, maker of the EPIC all-electric chassis for buses and trucks, has secured $60 million in equity funding, led by investors GMAG Holdings and Winnebago. The funds will support the overall growth of Motiv, which includes opening a new engineering and manufacturing facility in Detroit and facilitating further growth in the large-fleet customer… Read more »
Virginia governor pledges over $12 million for electric buses
Virginia Governor Ralph Northam has pledged more than $12 million towards the deployment of electric buses in Alexandria, Blacksburg, and Hampton Roads. The funding will cover a total of 17 electric buses and charging stations, eliminating the need for an estimated two million gallons of diesel fuel and offsetting 612,000 tons of carbon emissions and… Read more »
AVID Technology and Caterpillar receive $42 million from UK to develop electric construction machinery
The United Kingdom government has awarded EV component manufacturer AVID Technology and construction machinery giant Caterpillar €33 million (about $41.7 million) to develop fully electric construction machinery. The funding, which is made possible by the UK’s Advanced Propulsion Centre, will benefit 32 companies and create 2,230 jobs, according to a government statement. Ian Constance, Chief… Read more »
Electric marine propulsion system can save $1.7 million in fuel costs annually
An independent study for ABB by marine consultancy Deltamarin has found that the ABB Azipod electric propulsion system for ferries could save up to $1.7 million in annual fuel costs per vessel. By simulating a transit on seven existing ferry routes, researchers found that a ferry equipped with twin 10 MW mid-power range Azipod units… Read more »
Proterra and Mitsui create $200-million credit to scale battery leasing program for electric buses
Electric bus manufacturer Proterra has partnered with Japanese conglomerate Mitsui to create a $200-million credit to scale up Proterra’s battery leasing program. Proterra customers will be able to purchase an electric bus and lease the batteries over the 12-year lifetime of the bus. Through the battery lease, Proterra says the initial capital expense for the… Read more »
Linear Labs raises $4.5 million to market its electric motor
Electric motor manufacturer Linear Labs has closed a $4.5-million funding round to market its flagship motor, the Hunstable Electric Turbine. The Hunstable Electric Turbine uses multiple rotors. Compared to available permanent magnet motors, Linear Labs’s motor produces twice the torque, three times the power density, two times the output and 10 percent further range, according… Read more »