XL Hybrids Inc., a Boston-based provider of a low-cost hybrid electric powertrain designed for commercial fleet vehicles, said Wedesday that it has raised $4 million in a series B investment round.
The round led by private investors, with previous investors also participating in the round, the company said in a press release.
According to XL Hybrids, its hybrid electric powertrain reduces fuel consumption by 20 percent and can be installed in both new and existing vehicles. This type of system is ideal, XL Hybrids says, for companies operating commercial vans, box-trucks, and shuttles in and around major urban markets.
This latest investment round brings the total amount of funding for XL Hybrids to about $8 million.