Intramotev, a technology company specializing in battery-electric railcar retrofits, today announced the successful completion of a Series A funding round, raising $14.4 million. The round was oversubscribed and led by Flybridge Capital Partners and Alpaca VC, with participation from other investors including Advantage Capital, Aera VC, Band VC, Cantos, Cathcart Rail, Collide Capital, Decisive Point, and Idealab Arizona.
IntraMotev is committed to revolutionizing modern freight transport by developing battery-electric self-propelled rail solutions that reduce costs, improve availability and safety, and support environmental sustainability.
“This funding will allow us to further expand our technology to customers across the U.S. and internationally, ushering in a new era of growth for the rail industry,” said Tim Lucchini, Intramotev CEO. “Customers have repeatedly told us they want freight solutions that don’t compromise on efficiency, speed or flexibility. TugVolt and ReVolt deliver on that promise.”
Intramotev’s retrofit solutions open up new opportunities for customers to expand rail capacity, reduce fuel costs and reduce their carbon footprint.
“Many suppliers promise to simplify operations, but Intramotev delivers,” said Jon Brown, Iron Senergy’s vice president of business development and capital. “The Intramotev team has worked incredibly hard to successfully implement the technology at our mine and we are very pleased with the results.
After 5,000 miles on the ReVolt train, we are excited to continue working with Intramotev to drive mining innovation.”
IntraMotev stands out as the only supplier of self-propelled rail vehicles with active revenue service worldwide.
Intramotev, currently in use at Iron Senergy’s Cumberland mine, is scheduled for additional deployment at a calcium mine owned by Carmeuse Americas later this year.