Exclusive: Range Energy raises $8M to put some muscle into trailers
Range Energy has started to road test trailers powered by batteries, a product it says can slash fuel consumption and reduce emissions by as much as 40%.
Why it matters: The trailers can pair with existing semis and similar large trucks — meaning they can immediately cut costs and emissions in a transportation sector that's been difficult and expensive to decarbonize.
Background: The company's founder, Ali Javidan, spent years as Tesla's head of prototypes, commercializing the Roadster and subsequent Model S. He went on to lead Google's skunkworks division.
Details: Range, based in Mountain View, Calif., raised $8 million earlier this year and is planning a Series A round, the company tells Axios details that have not yet been reported.
- Up Partners, R7 Partners and Yamaha Motor Ventures participated in the seed raise, which was all-equity.