On January 19, 2021, foreign media reported that former SpaceX engineer Matt Soule founded a small electric freight train company called Parallel Systems.
Parallel Systems co-founder and CEO Matt Soule worked at SpaceX for 13 years before leaving in July 2019 to create this company with the aim of improving the efficiency and reducing emissions of freight rail systems.
The Los Angeles-based start-up publicly disclosed its situation on Wednesday and announced that it will be led by Anthos Capital for a Series A round of financing of $50 million.
Parallel Systems claims that their small electric train can carry a payload of 128,000 pounds, more than twice the carrying capacity of a semi-trailer truck. Single sets of these trains can travel 500 miles on the track and are expected to be fully charged within an hour.
The company stated that the electric automatic freight micro train has the potential to make railway transportation more targeted in terms of delivering goods.
Parallel Systems has about 25 engineers from technology companies such as Google, Tesla, and Uber. They have manufactured several prototypes and tested one on a closed track in the Los Angeles area.
So far, Parallel Systems has communicated with 30 companies, including Class I railroad companies, short-line railroad holding companies, automotive transport companies, shipping companies, ports, and industrial transport companies.
🔗Source: CNBC
This article is a translation by ChatGPT of a Chinese report from 42HOW. If you have any questions about it, please email bd@42how.com.