Philadelphia startup Voltify, which was founded on the vision of transforming the rail industry by decarbonizing it, has raised $30 million in seed funding towards that mission, writes Rhiannon Hoyle for The Wall Street Journal.
With the new funding, the startup will be able to conduct a paid pilot with a Class 1 railroad to test its system, which retrofits diesel locomotives with battery power and then charges them on the go using a network of microgrids.
The timing comes as the price of gas continues to rise.
“This war is just demonstrating exactly why we’re building what we’re building,” Voltify co-founder Daphna Langer said.
Voltify’s goal is to help rail operators steer clear of diesel without having to undergo operation changes or investments in infrastructure, but also allowing them to reduce energy expenses.
The company estimates that it can reduce energy costs by more than 20 percent compared to the lowest price rail companies had paid for diesel over the past decade. Langer added that the percentage would be more now considering current prices.
Read more about Voltify and how it is looking to bring about change to the rail industry amid a tumultuous period of time in The Wall Street Journal.
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