FORMER SPACEX ENGINEERS BRING AUTONOMOUS, ELECTRIC RAIL VEHICLE STARTUP OUT OF STEALTH
New York startup Parallel Systems raises $49.55 million in funding to build autonomous rail vehicles. The company is working to create a more efficient, decarbonized freight network that flows on top of existing railway infrastructure. The funds will be used to build Parallel System’s second-generation vehicle and launch an advanced testing program. In the U.S., rail network accounts for 28% of all freight movement, but most of that is bulk movement activity.
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