Parallel raises $100 million to scale autonomous freight rail vehicles
The funding gives Parallel more room to push its battery-powered rail vehicles toward commercial use on short freight routes.
Parallel Systems has raised a $100 million Series C to speed production of its battery-powered autonomous rail vehicles, aiming to make short-haul freight more competitive with trucking. The startup, founded in 2020 by former SpaceX engineers, says its Panther vehicles can carry several tons up to 500 miles and operate in uncoupled platoons without an onboard operator. That matters because many U.S. freight trips are under 500 miles, railroads have been losing those lanes to trucks, and congestion at places like ports has become a pain point for shippers. Parallel has already received Federal Railroad Administration approval to run near the Port of Savannah and has been testing on 160 miles of track as it prepares for a first commercial payload.
Why it matters
If Parallel can prove its system on the routes it is already testing, it could offer rail a better shot at freight lanes that are now dominated by trucks, especially on trips under 500 miles. Its approval near the Port of Savannah and testing across 160 miles of track show the company is moving from concept toward real-world operations.
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Sources
- TechCrunch