Business & Tech

XL Hybrids tanks up on new funding

XL Hybrids, a Brighton startup that provides electric-hybrid drive systems to commercial vehicle fleets, said Thursday that it had raised $22 million in new venture funding.

The company’s latest round included investments by IKEA and the venture arm of energy giant Exelon Corp. XL Hybrids has now raised more than $50 million since it was founded by MIT alumni in 2009.

The company counts among its customers the city of Boston, Coca-Cola, and Yale University. It says it can convert a conventionally powered vehicle to a hybrid in under six hours, providing huge fuel savings to fleet owners.

Advertisement

XL Hybrids plans to use the new investment to hire more people, develop new products, and grow its facilities.

Andy Rosen can be reached at andrew.rosen@globe.com. Follow him on Twitter at @andyrosen.