XL Hybrids Charges Up with $850K

Wade Roush2/2/10

Somerville, MA-based XL Hybrids, formerly known as Entergem Ventures, has collected $850,000 out of a planned $1.2 million in capital in a sale of warrants and convertible promissory notes, according to a regulatory filing published yesterday. Founded by a group of MIT-affiliated cleantech entrepreneurs, the two-year-old startup is focused on helping organizations acquire and manage fleets of hybrid or electric vehicles, according to its website. XL Hybrids president Tod Hynes, contacted by Xconomy, declined to share additional information or to name the company’s investors. Bill Aulet, a senior lecturer at MIT’s Sloan School of Management and an Xconomist, is a member of XL Hybrids’ board.

Wade Roush is Xconomy's chief correspondent and editor of Xconomy San Francisco. You can e-mail him at wroush@xconomy.com or follow him on Twitter at twitter.com/wroush.