Total amount raised
$31.5 Millions
Latest funding date
Location
Range Energy has successfully raised $23.5 million in a Series A funding round, with backing from investors such as UP Partners and Trousdale Ventures. The company is focused on accelerating the decarbonization of on-road transportation through its innovative electric-powered commercial trailers.
Keep reading to explore the intricacies of Range Energy's fundraising journey and the investors backing this transformative platform.
What Is Range Energy?
Range Energy, founded in 2021, is based in Mountain View, California. The company was established by Ali Javidan and currently employs between 11 to 50 people.
Specializing in the electrification of commercial transportation, Range Energy develops powered trailers designed to reduce fuel consumption and emissions for the heavy-duty truck market. Their innovative eTrailer System includes a high-voltage battery, an electrified axle, and an advanced sensor suite.
Range Energy's mission is to transform traditional diesel tractor-trailers into hybrid-electric systems, emphasizing zero-emission refrigeration and improved fuel efficiency. Their products aim to accelerate the decarbonization of on-road transportation.
How Much Funding Has Range Energy Raised?
- Seed Round
- Amount Raised: $8M
- Date: November 2022
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development of their electric-powered commercial trailers.
- Series A
- Amount Raised: $23.5M
- Date: February 2024
- Lead Investors: Trousdale Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate customer pilot programs and advance towards full-scale production of electric-powered trailers.
Total Amount Raised: $31.5M. Current Valuation: Not publicly disclosed.
Key Investors
- Trousdale Ventures
- Details: Trousdale Ventures is a venture capital firm that invests in innovative companies across various sectors. They are known for their strategic investments in early-stage startups.
- Investment Focus Areas: Technology, Healthcare, Consumer Goods
- Notable Investments: Not publicly disclosed
- UP.Partners
- Details: UP.Partners is a venture capital firm that focuses on supporting companies that are transforming the transportation and mobility sectors. They aim to back visionary entrepreneurs who are creating the future of mobility.
- Investment Focus Areas: Transportation, Mobility, Technology
- Notable Investments: Not publicly disclosed
- R7
- Details: R7 is a venture capital firm that invests in high-growth potential startups. They focus on providing both financial and strategic support to their portfolio companies.
- Investment Focus Areas: Technology, Healthcare, Energy
- Notable Investments: Not publicly disclosed
- Yamaha Motor Ventures
- Details: Yamaha Motor Ventures is the venture capital arm of Yamaha Motor Co., Ltd. They invest in companies that align with Yamaha's vision of creating new value through innovative technologies.
- Investment Focus Areas: Mobility, Robotics, Sustainability
- Notable Investments: Not publicly disclosed
What's Next for Range Energy?
Range Energy is poised to capitalize on the growing demand for decarbonized commercial fleets. With $23.5 million in new funding, the company is set to accelerate customer pilot programs and advance towards full-scale production of electric-powered trailers. This significant financial backing highlights the market potential and the urgency to meet emerging emissions reduction targets.
Future fundraising opportunities seem likely as Range Energy continues to develop its trailer data and telematics platform, which will provide valuable insights to customers. However, the company may face challenges in scaling production and integrating new technologies. Navigating these hurdles will be crucial for sustaining growth and achieving their mission of transforming commercial transportation.
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