Parallel Systems, the world’s first autonomous battery-electric rail system, will launch its first commercial pilot in April after securing approval from the Federal Railroad Administration (FRA) to deploy its railcars along a 160-mile stretch of two Georgia railroads. The company has also closed its Series B funding round of $38 million, led by Anthos Capital, joined by Collaborative Fund, as well as Congruent Ventures, Riot Ventures and others. To-date the company has raised approximately $100 million in funding.
Parallel Systems is a U.S. based manufacturer and transportation technology innovator whose mission is to deliver a safer, more efficient and sustainable alternative to short-haul trucking. The company’s autonomous battery-electric system delivers significant benefits, including: 1) enables railroads to grow by increasing their role in shorter-route transportation; 2) makes America’s busiest roadways safer for motorists by decongesting; 3) reduces the costs of shipping; 4) creates high-skilled, high-wage jobs; 5) reduces pollution.
“Federal Railroad Administration approval and closing our Series B funding round are two critical milestones for Parallel Systems,” said Matt Soule, Founder and CEO. “Together with our strategic partnerships within the rail industry, Parallel Systems is now poised to fully commercialize our battery-electric rail system, starting with the FRA-approved project in Georgia,” added Mr. Soule.
The Parallel freight system allows for small groupings of vehicles, typically 10-30 vehicles, to operate in a platoon without couplings between the vehicles. Railroad operations become far more nimble, safe, and cost competitive with Parallel’s technology operating system.
FRA Approval Clears The Way For US Commercial Deployment
Following FRA approval, Parallel Systems, in partnership with Genesee & Wyoming Railroad (G&W), will soon begin the first commercial deployment of Parallel’s autonomous battery-electric railcars. The 160-mile stretch connects the Port of Savannah to major arterial distribution operations serving the East Coast. Georgia stands to realize significant benefits from decongestion of local highways and increased freight transportation availability for communities in southern Georgia.
-via Press Release
