XL Hybrids raises $2m; signs gas-electric conversion deal with Ashwoods Automotive
Occasionally, Tod Hynes, president of the Somerville, MA-based startup, XL Hybrids Inc., is spotted driving down the streets of Boston in what appears to be nothing more than a run-of-the-mill Lincoln Town Car. Hynes' black sedan is no ordinary Lincoln, though. XL Hybrids specializes in retrofitting vehicles with gas-electric systems that reduce fuel consumption, so is it a surprise that Hynes' ride has undergone the conversion? Nope. See, he's not only the president, but a member, too.
XL Hybrids focuses on conversions for vehicles like the Town Car and full-size vans and expects that most of its future customers will be high-mileage drivers who own low mile-per-gallon vehicles. Recently, XL Hybrids raised $2 million in funding and signed a licensing agreement with UK-based Ashwoods Automotive for the hybrid retrofit kits. The kit consists of a lithium-ion battery pack, an electric motor and an anti-idling system. According to Hynes, the retrofit kit is so simple to install that it can be done in less than four hours.
Although Hynes is not ready to reveal pricing for the hybrid conversions, the Boston Globe reports that the transformation will cost under $10,000. For now, XL Hybrids will perform conversion at its Union Square garage. Eventually, Hynes hopes to line up a network of partners throughout that U.S. that will install be able to make your car a hybrid anywhere you are.
[Source: Green Car Congress]
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