Revoy Raises $27M to Turn Diesel Freight Trucks Electric

Revoy's modular system lets trucking companies go electric without replacing existing diesel fleets.

Revoy believes the fastest way to electrify trucking is to stop trying to replace the trucks. And it just raised $27 million for its solution that can turn any existing diesel truck into an EV. Revoy, a San Francisco startup TechNexus first backed in 2022, built a powered converter dolly — battery, motor and drive axle in a detachable unit that couples between a tractor and its trailer, leaving the tractor untouched. Revoy's dolly can power an 80,000-pound truck for more than 200 miles, and cut emissions by as much as 85%. The Series A round was led Standard Capital. Other backers include Y Combinator, Doerr Capital, Leap Ventures and others. The price of an electric long-haul truck can be two or more times as much as traditional freight trucks, according to Bloomberg . Revoy's solution offers an operating cost on par with diesel. Founded in 2020, Revoy received regulatory approval from the National Highway Traffic Safety Administration in 2023 and has worked with companies like Ryder. Revoy's dollies will run on a 200-mile lane near Portland later this year. In addition to cutting back on gas, Revoy can also extend the life of traditional diesel trucks. It plans to launch a cheaper, second-generation dolly with a smaller battery but the same range. Revoy aims to have dozens in operation by the end of 2027. "Shippers can reduce diesel consumption immediately on Revoy’s network without having to convince legacy carriers to convert their fleets, and without any investment in new infrastructure or equipment, Revoy CEO Peter Reinhardt said .

By Jim Dallke at TechNexus Venture Collaborative