Business · Companies · 15 hrs ago
Parallel Systems raises $100 million to scale electric freight railcars
Parallel Systems has raised $100 million to expand production of its battery-electric freight railcars.
The Los Angeles company is developing vehicles that move without a locomotive and can operate alone or in coordinated groups.
They are designed to carry standard shipping containers on existing rail infrastructure.
The system aims to make rail more practical for shorter trips, where conventional trains can be less economical and trucks often carry the freight.
Parallel is testing the vehicles with railroad operator Genesee & Wyoming in Georgia under a federal safety program.
The company says several major railroads are under contract to use the system for commercial freight, but it has not given a production timetable.
The funding will support production of the third-generation Panther vehicle, commercial expansion and entry into international markets.
Parallel Systems has raised $100 million to scale production of its autonomous, battery-electric freight rail vehicles.
The Los Angeles-based company said the Series C funding will support production of its third-generation Panther vehicle, commercial expansion and entry into international markets.
The vehicles propel themselves and are designed to carry standard shipping containers, operating individually or in coordinated groups.
Parallel is testing the system in Georgia with short-line railroad operator Genesee & Wyoming under a Federal Railroad Administration-approved program.
The company aims to make rail more competitive with trucks on shorter routes, particularly journeys under 500 miles.
- Who
- Parallel Systems, a Los Angeles-based company developing autonomous, battery-electric freight rail vehicles.
- What
- It raised $100 million in a Series C round to scale production and expand commercially.
- When
- The company announced the round’s close on October 7; the year is not stated in the announcement.
- Where
- The company is based in Los Angeles and is testing its system in Georgia.
- Why
- To scale production of its Panther vehicle, expand commercially and pursue international markets.
This story does not have two clearly opposing sides.
No direct quotes in the coverage so far.
Parallel Systems was founded by former SpaceX engineer Matt Soule.
The Georgia testing program advanced to a phase involving a 30-mile stretch between Vidalia and an area east of Helena.
Parallel Systems announced the close of its $100 million Series C round.
- Funding
- $100 million Series C
- Vehicle
- Third-generation Panther
- Testing location
- Georgia
- Test stretch
- 30 miles between Vidalia and an area east of Helena
- Target route length
- Journeys under 500 miles
Sources
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