Former SpaceX engineers announce electric train startup; GM expands H2 tech; SaaS Labs, Rocketlane raise funding

Parallel Systems, a company founded by former SpaceX engineers to reimagine the railroad system, has raised $49.55 million in Series A funds to build autonomous battery-electric rail vehicles that move freight, the company said in a press release yesterday; Meanwhile GM said it is expanding its hydrogen fuel cells beyond vehicles to power homes, offices and malls. Former SpaceX engineers’ startup out of stealth with electric rail Parallel Systems, a company founded by former SpaceX engineers to reimagine the railroad system, has raised $49.55 million in Series A funds to build autonomous battery-electric rail vehicles that move freight, the company said in a press release yesterday. The round is led by Anthos Capital and includes investments from Congruent Ventures, Riot Ventures, Embark Ventures, and others. The funds will be used to build a fleet of rail vehicles, execute advanced testing programmes and grow the team. The company, which came out of stealth mode yesterday, has raised $53.15 million to date, including $3.6 million in seed funds. “We founded Parallel to allow railroads to open new markets, increase infrastructure utilisation, and improve service to accelerate freight decarbonisation,” said Matt Soule, Co-founder and CEO, Parallel Systems. His co-founders are John Howard and Ben Stabler. GM to expand hydrogen tech beyond EVs General Motors, yesterday, announced new commercial applications of its HYDROTEC fuel cell technology. HYDROTEC projects, which are currently in development, from heavy-duty trucks to aerospace and locomotives, are being planned for use beyond vehicles, for power generation, the company said in a press release. GM is planning multiple HYDROTEC-based power generators, all powered by GM’s Generation 2 HYDROTEC fuel cell ‘power cubes,’ including a mobile power generator to provide a fast-charge capability for EVs without installing permanent charge points; a rapid charger, brand named EMPOWER, to help retail fuel stations add affordable DC fast charging without expanding the grid; and a palletised mobile power generator to quietly and efficiently power military camps and installations. These generators could ultimately replace gas and diesel-burning generators with fewer emissions at locations such as worksites, buildings, movie sets, data centres, outdoor concerts and festivals. They could also back up or temporarily replace grid-sourced electricity for residential and small commercial enterprises at times of power disruption, the company said. SaaS Labs, Rocketlane raise funding SaaS Labs, which builds business automation tools for sales and support teams, has raised $42 million in Series B funding led by Sequoia Capital India with participation from existing investors, Base 10 Partners and Eight Roads Ventures, the company said in a press release. The company plans to use the funds raised on R&D, to develop new products for its global users, as well as to scale newly-launched products. Rocketlane, a purpose-built customer onboarding platform, has closed an $18 million Series A funding round, the startup said in a press release. The investment is being led by previous Asana investors, 8VC, with participation from Nexus Venture Partners, Matrix Partners India, and prominent angel investor, Gokul Rajaram. Theme music courtesy Free Music & Sounds https://soundcloud.com/freemusicandsounds

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