Transport – Swanson Reed | Specialist R&D Tax Advisors

Wabash Secures $1.6M in Grants to Decarbonize Commercial Transportation

Wabash has partnered with the University of Delaware’s Center for Composite Materials to decarbonize the commercial transportation industry. Alongside the partnership, Wabash has secured a $1.6 million grant award from the U.S. Department of Energy Solar Energy Technologies Office (SETO).

Wabash is planning a three year project focused on integrating high-efficiency solar energy into refrigerated trailers and truck bodies. If successful, it could be an important component in making zero-emission mid-mile transportation a commercially viable option.

“This project has the potential to revolutionize refrigerated transport by reducing reliance on the electrical grid and minimizing overall emissions,” said Michael Bodey, director of technology discovery and innovation at Wabash. “While many of today’s zero-emission products focus on tailpipe emissions, they still draw power from energy grids, which often rely on non-renewable sources. Our goal is to offer a truly green solution—a well-to-wheel approach—that accounts for the full life cycle of energy consumption, from production to usage.”

Wabash will use its proprietary EcoNex™ Technology, a composite material designed to enhance thermal efficiency and reduce energy consumption, while the University of Delaware will contribute its proprietary TuFF technology, which utilizes recycled aerospace-grade carbon fiber, to strengthen and lighten the trailers and truck bodies.

Are you developing new technology for an existing application? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

Who We Are:

Swanson Reed is one of the U.S.’ largest Specialist R&D tax advisory firms. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.

Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPAs. For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.

Champ Titles Secures $18M Investment for Expansion Amid Digital Title Revolution

In a significant move towards revolutionizing the digital title industry, Champ Titles, an Ohio-based company specializing in digital title, registration, and lien technology for state governments, has announced an impressive $18 million Series C funding round. Led by Point72 Ventures and joined by existing investors such as W.R. Berkley Corporation, Eos Venture Partners, Guidewire Software, and Rev1 Ventures, this investment is set to propel Champ Titles into new U.S. markets and expand its reach nationwide.

Since its inception in 2018, Champ Titles has been on a trajectory of growth, raising over $49 million in funding, including a notable $13 million Series B round in 2022. The company’s mission is clear: to digitize state DMV offices by replacing outdated title and registration systems with modern, efficient technology.

At the heart of Champ Titles’ strategy is the ambition to position West Virginia as the leader in the U.S. digital title industry. Collaborating closely with Tyler Technologies, Champ Titles aims to spearhead the digital transformation of state DMVs, offering software-as-a-service solutions that streamline operations and enhance user experience.

Thomas “L.T.” Slater, Executive Vice President and Head of Strategic Partnerships at Champ Titles, emphasizes the shift towards software-as-a-service in government agencies, noting that this approach resonates with the evolving needs of DMVs nationwide. By embracing modern technology, Champ Titles empowers not only state workers but also dealers, lenders, fleet managers, insurance carriers, and service providers, facilitating more efficient title, registration, and lien transactions for all stakeholders.

With its footprint expanding rapidly, Champ Titles currently collaborates with four states, including recent additions like New Jersey and upcoming integrations with Kentucky and Illinois. The launch of the National Digital Titling Clearinghouse in West Virginia marks a significant milestone in the company’s journey towards digital innovation.

Driven by its commitment to excellence, Champ Titles witnessed a remarkable revenue increase of over 300 percent year over year in 2023, underscoring the growing demand for digital solutions in the title industry. As the company continues to pave the way for digital transformation in state DMVs, the $18 million investment sets the stage for accelerated growth and nationwide impact in the years to come.

Are you developing new technology for an existing application? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

Who We Are:

Swanson Reed is one of the U.S.’ largest Specialist R&D tax advisory firms. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.

Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPAs. For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.

Driving Change: Yoshi Mobility Diversifies with Series C Investment Boost

Yoshi Inc. (Yoshi Mobility), a tech-enabled mobile car care company, has marked a significant milestone with the closure of its $26 million Series C funding round. This round, which includes strategic investments from heavyweights like General Motors Ventures and Bridgestone Americas, as well as international backers Universal Motors Agencies and Shikra Limited, signals a new chapter of growth and innovation for the company.

Emerging from Y Combinator in 2016, Yoshi Mobility has rapidly garnered attention and investment, with previous support from notable names like ExxonMobil, DN Automotive, NBA star Kevin Durant, and NFL legend Joe Montana. With this latest infusion of capital, totaling over $60 million to date, Yoshi Mobility is poised to accelerate its expansion and solidify its position as a leader in the mobile car care industry.

In response to the shifting landscape catalyzed by the pandemic, Yoshi Mobility has experienced exponential revenue growth, driven by its fleet business and strategic partnerships with Fortune 100 companies. Building on this momentum, the Series C funding round enables Yoshi Mobility to diversify its offerings and venture into three new business lines: preventative maintenance, virtual vehicle inspections, and electric vehicle (EV) charging.

A key milestone in this diversification journey is Yoshi Mobility’s recent acquisition of Mobile Auto Concepts Inc. (MACi), a mobile automotive services company specializing in preventative maintenance, tire care, and more. Additionally, Yoshi Mobility is spearheading innovation in the EV charging space, leveraging its platform and technology stack to provide on-the-go charging, maintenance, and support for EV owners and enterprise customers.

With millions of vehicle services completed and a commitment to making car ownership seamless and efficient, Yoshi Mobility is driving towards a future where mobility is frictionless and customers are empowered to keep moving safely and sustainably. As the automotive landscape continues to evolve, Yoshi Mobility stands ready to meet the needs of a rapidly changing market and lead the charge towards a more connected and convenient automotive experience.

Are you developing new technology for an existing application? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

Who We Are:

Swanson Reed is one of the U.S.’ largest Specialist R&D tax advisory firms. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.

Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPAs. For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.

Carbon Rivers: Pioneering Sustainable Solutions with Graphene

In a world where sustainability takes center stage, innovative companies like Carbon Rivers, Inc. are leading the charge. This certified small business, headquartered in Knoxville, TN, has been making waves in the field of materials science and recycling. Their latest endeavor involves exploring the potential of graphene as a fish-saving alternative to a toxic compound found in tires.

One of Carbon Rivers’ most remarkable traits is its commitment to forging strong partnerships with key players in East Tennessee, such as the University of Tennessee and Oak Ridge National Laboratory. These collaborations have allowed the company to harness cutting-edge research and development to drive their mission of creating sustainable solutions for various industries.

The focus of Carbon Rivers’ recent research revolves around graphene, a remarkable material with a range of unique properties. As concerns grow over the environmental impact of chemicals leaching from tires into aquatic ecosystems, Carbon Rivers is exploring whether graphene can offer a safer and more sustainable alternative.

Tires have long been a source of pollution, with toxic compounds harming aquatic life. Carbon Rivers aims to change that narrative by developing innovative solutions that not only mitigate harm but also contribute positively to the environment.

By harnessing the power of graphene, Carbon Rivers is on a quest to create eco-friendly alternatives that can be adopted by both the public and private sectors. Their commitment to recycling and composite manufacturing extends to industries such as automotive, energy, safety, and security.

As they continue to explore the potential of graphene and other groundbreaking materials, Carbon Rivers is poised to make a significant impact on the way industries approach sustainability. They are indeed a company to watch, as their research and development efforts promise a brighter and more environmentally conscious future.

Are you developing new technology for an existing application? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

Who We Are:

Swanson Reed is one of the U.S.’ largest Specialist R&D tax advisory firms. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.

Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPAs. For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.

XCharge’s Texas Expansion: Igniting EV Charging Solutions with a Cutting-Edge Factory

The future of electric vehicles (EVs) is rapidly evolving, and the charging infrastructure is a make or break part of its growth. XCharge North America is taking a significant step towards shaping this future by establishing a production facility in the USA. Located in Kyle, Texas, this factory will pave the way for advanced DC fast charger manufacturing, contributing to the growth of EV adoption in the country.

Spanning an initial area of around 325 square meters, the new facility will expand to an impressive 1,858 square meters in the years to come. Situated in an industrial park, this facility will become a hub of innovation for the EV charging industry. This strategic location between Austin and San Antonio places it in a prime spot to cater to the EV charging needs of the region.

XCharge’s offerings include the powerful C6 DC charging station with up to 150 kW of power, as well as the Net Zero series. The Net Zero series, equipped with batteries from BYD for buffer storage, provides up to 210 kW of power for simultaneous charging of two electric vehicles. Moreover, this series features a Battery2Grid function, allowing surplus energy to be sold back to the grid during peak hours.

While the specific charging ports to be offered in the Texas-made charging posts are not disclosed in the announcement, XCharge NA’s focus is clear: to provide cost-efficient innovative EV solutions tailored to alleviate grid constraints and enhance EV accessibility. This dedication to innovative solutions that suit the local grid infrastructure sets XCharge in the rapidly evolving EV landscape.

Aatish Patel, President and Co-Founder of XCharge NA, emphasized the company’s commitment to partnership with the local community, including institutions like Texas State University. This collaborative approach aligns with XCharge NA’s vision of increasing job opportunities and driving economic growth through its operations.

By establishing this production facility in Texas, XCharge North America is not only contributing to the growth of EV charging infrastructure but also demonstrating the company’s dedication to enhancing EV accessibility, viability, and sustainability as a viable alternative transportation option. As EV adoption continues to rise, XCharge NA’s innovative solutions will play a pivotal role in shaping the future of transportation and energy.

Are you developing new technology for an existing application? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

Who We Are:

Swanson Reed is one of the U.S.’ largest Specialist R&D tax advisory firms. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.

Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPAs. For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.

Allied Cycle Works Releases their First Full-Suspension Mountain Bike

Allied Cycle Works has announced the official release of their first-ever full-suspension mountain bike.

Based in Arkansas, the company has been designing and developing unique carbon fiber bicycles with perfectly crafted manufacturing processes. Allied Cycle started their journey with the intention of producing top-quality bikes right here in America. This mission included the need for control over each piece that goes into each bike. From brand, to design, to raw material selection, each component is treated with the same care and consideration.

This attention to production and quality continues, and is felt in every bicycle made. Including the new BC40 mountain bike. This is a first for the company as they have not previously designed a full-suspension mountain bike. They have spent countless hours designing this bike from front to rear. From design to prototype to testing, and finally release, the company has spent more than 2 years conducting research and development for this bicycle. Despite supply chain issues and other challenges, the bike came to fruition with a 4.5 lbs frame and a cross between cross-country and all-day trail sled capabilities.

“We can’t wait to see this bike pushed to the limit by our athletes Lea Davison and Payson McElveen at the upcoming Leadville 100, Marathon Nationals, and more,” Medlock said.

Are you developing new technology for an existing application? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

Who We Are:

Swanson Reed is one of the U.S.’ largest Specialist R&D tax advisory firms. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.

Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPAs. For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.

A Partnership Between InoBat Auto and Ideanomics will Advance EV Battery R&D and Production

InoBat Auto, a European pioneering supplier of premium batteries for electric vehicles (EV), has announced plans for a phased investment project based in Indiana. The project will be achieved in cooperation with Ideanomics, a global company focused on accelerating the adoption of commercial EVs.

The multi-phase project will have three distinct stages. First, they will open a new R&D and production facility for battery module and pack assembly with an initial annual production capacity of 100 MWh. Then each company will aim to construct a full commercial-scale battery module and pack assembly plant with an initial 2-3 GWh yearly production capacity.

The first two phases would be supplied by cells from InoBat Auto’s European facilities. The company is also exploring the option to construct a tailor-made battery cell production facility with an initial 4 GWh annual capacity.

The goal is to develop, produce, and distribute integrated battery pack solutions for the US market. The strategic partnership was established in January 2022 in an effort to expedite the innovations needed to accelerate EV adoption. InoBat Auto’s first-generation NMC 622 pouch cell achieves quicker charging, extra life cycle, higher capacity, and better capacity retention that the benchmark pouch cells. This technology will benefit Ideanomics, creating a significant technological edge for Ideanomics’ vehicle, charging, and energy solutions to meet fleet operations’ growing needs for clean mobility and infrastructures.

Are you developing new technology for an existing application? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

Who We Are:

Swanson Reed is one of the U.S.’ largest Specialist R&D tax advisory firms. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.

Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPAs. For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.

Solid-State Battery Startup Natrion Secures $2M in Seed Funding

Illinois-based Natrion has announced the close of their first-ever seed funding round which successfully raised $2 million. The company is focused on the development of batteries that will better support mass market electric vehicles (EV), pushing their boundaries in terms of distance and power.

With growing global climate crises and climbing gas prices, it’s no surprise that there is also a growing demand for Evs. As this demand grows, so will the need for batteries to power them. This is where Natrion comes in.

The company has R&D facilities in New York and Illinois with semi-automated pouch cell production lines for the manufacture of prototype multi-layer pouch cells for use in EVs. These facilities are further set apart from others by the company’s specialized handling of lithium metal for the construction of lithium metal batteries.

Presently, EVs are limited by known fire safety risks and the high cost associated with prevailing lithium ion battery tech. But Natrion’s solid-state lithium-ion and sodium-ion battery chemistries are set to overcome these obstacles.

Natrion replaces plastic membranes with a Lithium Solid Ionic Composite (LISIC). The plastic membranes are soaked in highly volatile and flammable liquids which can create serious fire risks and also cause degradation of the chemical reactions. This degradation limits the battery performance and lifespan. LISIC, on the other hand, achieves the performance needed without any liquid and therefore has improved battery safety, performance, and durability.

This seed funding, along with a previously acquired $200,000 contract from the US Department of Defense will support the development of pouch cells to house the LISIC prototypes in full-size cells.

“Having the backing of investors of this caliber has positioned us well to continue to lead the pack and push the boundaries of what’s possible. Over the years we’ve assembled a stellar core research and development team that will now have all the necessary resources to make Natrion’s vision a reality,” Alex Kosyakov, CEO and co-founder of Natrion, said in a statement.

Are you developing new technology for an existing application? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

Who We Are:

Swanson Reed is one of the U.S.’ largest Specialist R&D tax advisory firms. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.

Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPAs. For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.

Canoo Gears up for Production of EVs

Canoo – a successful electric vehicle startup – has made moves to gear up for production. With plans to release electric minivans in 2022, and commercial vehicles soon after, they have hired hundreds of employees and started gathering suppliers needed for production.

They have plans to build what they call a “Mega Micro Factory” for pickup trucks and multipurpose delivery vehicles. This facility will be based in Oklahoma. The state has promised $300 million in undiluted financial incentives to support Phase II of their facilities and manufacturing.

Aquila said about one-third of Oklahoma’s investment will be available within the first 36 months. These funds will help the company progress in the transition to the gamma phase, which means Canoo is preparing to launch. Canoo increases its workforce from 230 to 656 each year, 70% of which are hardware and software engineers. Startup operating costs increased from $19.8 million year-on-year to $104.3 million, most of which was due to research and development.

Are you developing new software for an existing application? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

Who We Are:

Swanson Reed is one of the U.S.’ largest Specialist R&D tax advisory firms. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.

Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPAs. For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.

XL Fleet Opens Fleet Electrification Technology Center

XL Fleet has announced the opening of a brand new 25,000 sq ft R&D center in Wixom, Michigan as they work to enhance their sustainable technologies for the commercial fleet industry.

Boston-based XL Fleet began in 2009 when the green transportation market was in its infancy. They started with a mission to provide simple, sustainable electrification solutions to the commercial fleet market – and this mission continues today.

The opening of this new Fleet Electrification Technology Center provides XL Fleet with the ability to expand their footprint and capacity, increasing their talent pool and technology. The center will include a component test lab with a vehicle chassis dynamometer, electronics lab, and battery testing equipment.

Alongside the creation of 50 high-skill engineering positions in Michigan, they are hoping the facility will provide the potential to further their path breaking innovations in their home state.

Are you developing new technology for an existing application? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

Who We Are:

Swanson Reed is one of the U.S.’ largest Specialist R&D tax advisory firms. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.

Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPAs. For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.