Autonomous freight rail company Parallel Systems gains $100 million

The battery-electric autonomous freight rail company Parallel Systems today said it has raised $100 million in financing to accelerate production of its Panther rail vehicle and to fuel commercial expansion including international markets.Los Angeles-based Parallel says its technology enables railroads to handle shorter, lower-density routes competitively, allowing shippers to use rail for short-haul freight that previously required trucks.That is relevant today because the $1 trillion market for surface freight, dominated…

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