Range Energy Launches with $8M in Seed Capital Bringing Electric Trailers to the Commercial Trucking Market

MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--Nov 28, 2022--

Range Energy (Range), the hardware company bringing powered trailers to the commercial trucking market, announced $8M in seed capital today from UP Partners, R7, and Yamaha Motor Ventures. The company recently completed its software and hardware interface validation prototypes further accelerating the electrification of industrial transportation. Range’s powered trailers decrease greenhouse gas emissions by 40%, reduce fuel costs for fleet owners, and are designed to eliminate operational disruptions borne from the transition to electric vehicles. To meet both immediate decarbonization needs as well as long-term fleet transformation ambitions, Range’s powered trailers are compatible with today’s diesel tow vehicles and tomorrow’s innovative all-electric tractors. With this timely, unique approach to the opportunity of electrification, Range is positioned to reach mass market adoption before the first electric semi-trucks are deployed at scale. In just a few months, the Range team has already begun testing multiple prototype powered trailers as it advances towards full scale development vehicles and testing alongside commercial partners.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20221128005599/en/

Range Energy launches with $8M in seed capital bringing electric trailers to the commercial trucking market (Photo: Business Wire)

“Range was founded on the vision that cleaner, safer, and more efficient towing is attainable today. Our powered trailers seamlessly meet fleet owners’ short- and long-term decarbonization goals by easing the transition to electrification while simultaneously mitigating the risks of economic penalties associated with emerging mandates,” said Ali Javidan, CEO and founder, Range Energy. “Given our team’s extensive battery and powertrain experience, we are uniquely positioned to successfully bring powered trailers to market quickly and efficiently. We’re excited to be a first-mover in this market and most significantly, to accelerate commercial transportation’s trajectory towards its zero emissions goals.”

“Regulators are moving faster than the electric truck market, creating both great opportunity and urgency. Couple that momentum with rising fuel prices – solutions are needed now to enhance vehicle efficiency and ensure fleet operators meet zero emissions commitments with little to no operational disruptions,” said Adam Grosser, Chairman and Managing Partner, UP Partners. “Range is meeting this moment with the unique experience required to design, test, deliver, and scale rapidly to provide fleet owners a practical, sustainable solution today that removes the need to re-architect the way they do business. At UP Partners, we seek out early stage companies that will transform the moving world by moving people and goods cleaner, faster, safer, and at lower cost.”

Comprised of a team with deep EV industry experience building rapidly scalable manufacturing lines at Tesla, Zoox, Honda, and more, the Range team is meeting this market demand by leveraging mature component technology and control systems in an electric heavy duty trailer that can immediately hook up to any tow vehicle and meaningfully improve efficiency. With Range, fleet owners see up to a 40% improvement in fuel efficiency depending on drive cycle.

“At R7, our portfolio companies are dedicated to improving the world for future generations and are led by those with the passion to build first-moving and long-lasting companies. In Range - and in Ali - that combination is evident. Ali takes calculated, bold steps as he tackles new markets, as he’s done with Tesla and Zoox. He throws himself into every molecule of an opportunity, immediately identifies primary pain points and friction, and builds from a place of experience, confidence, and pragmatism,” said Tyler Engh, Founding Partner, R7. “Range was a spark of an idea when we started this and R7 is thrilled to support Ali and the incredible team that he’s assembled to bring to market an electric vehicle in the form of a powered trailer that will radically - and immediately - benefit the emissions impact of the world’s thriving freight industry, all while keeping trucks on the road. Logistics is a multi-trillion dollar industry, yet the future relies on all critical parts of the transportation industry evaluating and adopting decarbonization technologies. We are honored to be a partner in Range’s launch and future success.”

Range Energy is based in Mountain View, California and is building out a team that will allow it to bring practical electrifications to market in the near-term. To learn more please visit: https://range.energy/careers/

About Range Energy
Range Energy (Range) accelerates the electrification of commercial transportation via powered trailers for the heavy duty truck market. With a solution that can easily hook up to any tow vehicle, Range’s powered trailers can rapidly ease the transition to electrification and meet its commercial partners' immediate needs and long-term ambitions. Range was founded in 2021 and is led by a team with deep EV industry expertise from Tesla, Zoox, Honda, and more. The company is backed by leading investors including UP Partners, R7, Yamaha Motor Ventures, and more.

View source version on businesswire.com:https://www.businesswire.com/news/home/20221128005599/en/

CONTACT: Kate Gundry

range@pluckpr.com

617-797-5174

KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA