Monday October 22, 2012 0 comments
LOVELAND - Lightning Hybrids is getting a $750,000 boost from Golden-based 9th Street Investments in a new funding round that the company hopes to raise $4 million by the end of the year.
"9th Street represents a great Colorado-based investor and one that is a strategic partner with deep understanding of new technologies," said Tim Reeser, Lightning's president and co-founder.
"We have been talking to and working with 9th Street for nearly nine months now and we have developed a great respect for each others' teams and businesses."
Lightning Hybrids' hydraulic hybrid system regenerates braking energy, providing up to 40 percent more gas mileage for work trucks and shuttle bus fleets.
"We are always looking for great Colorado companies with technology that we believe can scale," said Andrew Coors, 9th Street senior partner. "We are pleased to have found a remarkable company with a dynamic team that is on the verge of something big."
The company was founded in 2008 by Reeser and Dan Johnson. It recently won the Best New Technology award at the national BusCon show in Chicago.
Proceeds from the investment round will be used to ramp up production and hire up to 30 employees to build and sell the first 400 systems, the company said.
Lightning also announced it has sold its composite hydraulic accumulator assets and intellectual property to Steelhead Composites LLC for an undisclosed sum.
Steelhead Composites is majority-owned by 9th Street Investments.
As part of the agreement, Steelhead will provide Lightning ongoing access to the accumulators it needs to ramp up production and Lightning will provide Steelhead with engineering, sales and marketing support.
For more information, visit www.lightninghybrids.com.