Aperia Technologies Accelerates Growth with $16 Million Capital Raise
Company Primed for Expansion with Dedicated U.S. Manufacturing Facility and New EPA Rule on Fuel Reduction
BURLINGAME, Calif., November 15, 2016-- Aperia Technologies, a clean technology company focused on innovation to increase transportation efficiency, today announced the company has raised $16 million to fund expansion. This funding, along with the company’s dedicated U.S. production facility and the U.S. Environmental Protection Agency (EPA) rule requiring fuel use reduction, provides significant traction for Aperia Technologies.
The $16 million in funding was co-led by Municipal Employee Retirement System (MERS) of Michigan and eLab Ventures. eLab Ventures has a strong focus on transportation and mobility.
“We were very impressed with the Halo technology and the strong business momentum Aperia has built. Aperia is a leading company in the growing trend around technology innovation in transportation,” said Bob Stefanski, Managing Director, eLab Ventures. “They primed the market, proved the technology, and are now seeing rapid adoption from many of the biggest companies in commercial transportation.”
Funds will be used primarily to invest in sales and marketing infrastructure and expansion of customer support operations in response to continued customer adoption across industry segments.
The company’s Halo Tire Inflator is the only self-powered, bolt-on inflation technology capable of maintaining optimal tire pressure on both drive and trailer axles and serving trucks, trailers and buses. Operating like a self-winding watch, Halo uses a wheel’s rotation to generate pressure and maintain optimal tire inflation and therefore does not require any connection to a central air compressor.
The company has experienced record growth with Halo installed on more than 170 fleets and thousands of tractors and trailers. To meet customer demand and reinforce the company’s commitment to innovation and quality, Aperia Technologies has a dedicated U.S. manufacturing facility. The new facility provides a five-fold increase in the production line footprint and will boost overall production capacity to 250,000 units for 2017.
In addition, Aperia Technologies is positioned to leverage a new EPA rule anticipated to accelerate automatic tire inflation adoption under a new administration.
The EPA and the U.S. Department of Transportation’s National Highway Traffic Safety Administration (NHTSA) recently released new emissions and fuel economy standards for medium- and heavy-duty vehicles. The Phase 2 rule requires manufacturers to reduce fuel consumption by both tractors and trailers. Regulators have designated automatic tire inflation systems as integral to improving fuel economy under the rule.
“Anything that reduces the burden on drivers cost-effectively will serve fleets well,” said Mike Roeth, Executive Director at NACFE. “The automatic tire inflation systems described in EPA Phase 2 can do that by removing the driver from the standard tire pressure management process.”
While the rule begins in 2018, tractor manufacturers can begin generating credits today by installing automatic tire inflation. Regulators anticipate rapid adoption, projecting that all new trailers starting 2018 and 20% of new tractors starting 2021 will be equipped with tire pressure systems.
“The EPA rule adds another tailwind to industry adoption,” said Aperia CEO Josh Carter. “The second half of 2016 has been action-packed, and we’re thrilled to continue our focus on serving our industry and delivering a premium customer experience.”
About Aperia Technologies
Aperia Technologies is the leading provider of easy to retrofit automatic tire inflation systems capable of serving both tractors and trailers. Aperia was founded out of Stanford University in 2010 to commercialize the Halo Tire Inflation technology. Aperia is focused on making transportation more efficient, safer, and better for the environment through clean technology innovation. For more information, visit www.aperiatech.com.
Tirzah Clerc, 314-645-4244, ext. 104
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