Loveland hybrid company to use funds to deepen focus on international sales and growth
LOVELAND, Colo., Oct. 30, 2014 /PRNewswire/ — Factor(E), the venture development firm affiliated with Shell Foundation and Colorado State University, kicked off the current Lightning Hybrids funding round. Additional investors in this round include Aravaipa Ventures, Bohemian Ventures, National Fleet Hybrids, and other past investors. Investment proceeds are being used to ramp up manufacturing of the company's 5th generation system and to make a major push into international markets, especially in developing countries.
Morgan DeFoort, Factor(E)'s CEO stated, "Lightning Hybrids is paving the way toward a more sustainable future in transportation. 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. Transportation is one of the largest and fastest growing contributors to urban carbon emissions, with trucks and buses playing a key role. Though the actual number of vehicles is small relative to passenger cars, the impact of their use is massive: in India buses account for only one percent of the vehicle population, but represent 60-70 percent of passenger miles. Lightning Hybrids has the potential to drastically reduce the emissions and fuel consumption of these vehicles, all while saving money for the vehicle owners and ultimately the passengers. Such innovative win-win solutions are exactly the types of investments that Factor(E) focuses on supporting."
Lightning Hybrids, the Northern Colorado-based developer of hydraulic hybrid systems for medium and heavy duty trucks and buses was founded in 2008 by Dan Johnson and Tim Reeser. The company recently hired its 33rd employee, more than doubling in size in the last six months. This month the company shipped hybrid systems to India for use in the Bangalore Metropolitan Transit Corporation's fleet of city buses. In addition, Lightning has just signed distribution agreements with partners in Turkey and the U.K., 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. Recent third-party tests showed fuel efficiency gains of 28 percent and NOx emissions reductions of 90 percent. Now we are ready to roll this out to more customers, especially internationally where fuel costs and emissions are critical and urgent problems," stated Tim Reeser, president of Lightning Hybrids.
In addition to new investment funding the company is working closely with key customers on pilot projects in the U.S. and abroad. Enterprise Rent-a-Car, AmeriPride, and the National Renewable Energy Lab in the U.S. each have Lightning Hybrids systems in their fleets.
About Lightning Hybrids LLC.
Lightning Hybrids designs and manufactures hybrid systems for medium and heavy duty fleet vehicles. The system delivers up to 40 percent improvement in fuel economy by regenerating braking energy, provides safer braking and more power for acceleration, and decreases greenhouse gas emissions by 50 percent. The Lightning Hybrids system does not have any batteries, instead safely and efficiently storing energy mechanically in composite hydraulic accumulators, which are a fraction of the cost and weight of batteries. The system can be installed on new vehicles as well as retrofitted on vehicles already in service. It is sold through a network of dealers and upfitters.
For more information about Lightning Hybrids, please visit www.lightninghybrids.com
Contact: Bonnie Trowbridge
(303)519-4144
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