Intramotev Raises $14.4 Million to Retrofit a New Era of Growth for Rail Industry

The company is preparing to scale multiple new deployments globally. 

ST. LOUIS, Aug. 15, 2024 /PRNewswire/ -- Intramotev, the technology company building battery-electric railcar retrofits, announced today it has closed a $14.4 million oversubscribed Series A funding round. The round is led by Flybridge Capital Partners and Alpaca VC, and joined by other investors including Advantage Capital, Aera VC, Band VC, Cantos, Cathcart Rail, Collide Capital, Decisive Point, and Idealab Arizona.

"This funding positions us to continue deploying our technology to customers across the US and abroad to unlock a new era of growth for the rail industry," said Tim Luchini, Intramotev's CEO. "We've heard from customers again and again that they want freight solutions that don't compromise on efficiency, speed, or flexibility. TugVolt and ReVolt deliver just that."

Intramotev's retrofitted solutions create new possibilities for customers to increase their rail capacity, while saving money on fuel and lowering their carbon footprint.

"A lot of suppliers promise to make your job easier, but Intramotev actually delivers," said Jon Brown, VP of Business Development and Capital at Iron Senergy. "Intramotev's team worked relentlessly to ensure the proper implementation of their technology at our mine, and we couldn't be more pleased with the results. 5,000 miles into our experience with their ReVolt train, we're thrilled to continue working with Intramotev to accelerate innovation in mining."

Intramotev is the world's only self-propelled railcar supplier with units in active revenue service. Currently deployed at Iron Senergy's Cumberland Mine, Intramotev will launch an additional deployment at a calcium mine owned by Carmeuse Americas later this year.

About Intramotev

Intramotev is a high-technology company focused on transforming modern freight movement by developing battery-electric, self-propelled rail solutions that decrease costs, increase usage and safety, and promote environmental responsibility. Learn more at Intramotev.com.

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SOURCE Intramotev