Money to Ramp Up Fifth-Generation Hydraulic Hybrid System
And for ‘a Major Push’ into Developing International Markets
Colorado’s Lightning Hybrids says that proceeds from a current funding round are being used to ramp up manufacturing of the company’s fifth-generation hydraulic hybrid drivetrain system for trucks and buses, “and to make a major push into international markets, especially in developing countries.”
Factor(E), a venture development firm affiliated with Shell Foundation and Colorado State University, kicked off the current round, Lightning says.
“With a superior and durable technology that can be easily installed on existing or new vehicles, Lightning is well positioned to have immediate and lasting impact,” Factor(E) CEO Morgan DeFoort said in a Lightning release. “Lightning Hybrids is paving the way toward a more sustainable future in transportation.”
India, Turkey, Britain, Mexico
Lightning, which was founded in 2008 by Dan Johnson and Tim Reeser, recently hired its 33rd employee, “more than doubling in size in the last six months.” The firm last month shipped hybrid systems to India for the Bangalore Metropolitan Transit Corporation’s fleet of city buses (F&F, April 27). “In addition,” states the investment release, “Lightning has just signed distribution agreements with partners in Turkey and the UK, where systems will be deployed before the end of the year.”
“The past year was spent testing and refining our design to create a very efficient, cost-effective, and reliable product,” said Lightning president Reeser. “Recent third-party tests showed fuel efficiency gains of 28% and NOx emissions reductions of 90%.”
‘Ready to Roll This Out to More Customers’
“Now we are ready to roll this out to more customers, especially internationally where fuel costs and emissions are critical and urgent problems,” Reeser said.
In the U.S., Lightning has fleet vehicle pilot projects with Enterprise Rent-a-Car, AmeriPride, and the National Renewable Energy Laboratory.
Lightning Hybrids investors also include Aravaipa Ventures, Bohemian Ventures, National Fleet Hybrids, and other past investors.
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Source: Lightning Hybrids with Fleets & Fuels follow-up