Range Energy Secures $23.5 Million for Electric Trailer Production

Electric truck startup Range Energy announced $23.5 million in new financing as it ramps up work on customer pilot programs and full-scale production of its electric-powered trailers. The California-based company is helping trucking companies deal with emerging emissions reduction targets by making diesel trucks more environmentally friendly. Range's electric trailers can be attached to any diesel-powered truck and have demonstrated a 36% improvement in fuel economy through third-party on-road testing.

The funding round was led by Trousdale Ventures with participation from UP.Partners, R7, and Yamaha Motor Ventures. Range had initially raised $8 million in seed funding. Part of the new capital will be allocated towards the development of a new trailer data and telematics platform, providing additional insights into the truck’s performance. 

These trailers offer solutions to new emissions mandates, providing cost-effectiveness and seamless integration into existing operations. By allowing Range’s trailers to attach to diesel trucks, companies can adopt a green solution that doesn’t require an entire new fleet of vehicles. Moreover, Range's powered trailers can effectively double the range of electric semi-trucks, aligning with short- and long-term electrification ambitions.

Range Energy CEO and founder Ali Javidan emphasized the importance of commercial fleet adoption in electric transition, stating, “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“

In addition to helping with decarbonization, Range’s trailers are reported to double the range of electric semi-trucks, demonstrating the technology’s ability to meet both near- and long-term electrification ambitions. 

“Commercial transport is one of the most complex sectors to decarbonize and owners and operators need smart solutions to solve for emissions reduction targets,” added Hinrich J. Woebcken, General Partner at Trousdale Ventures.