Volvo Group Venture Capital, a subsidiary of the Volvo Group, announced its investment inPeloton Technology, a developer of vehicle technologies that deliver safety and fuel savings to fleets in the trucking industry.
Peloton’s truck platooning system is an integrated safety, efficiency and analytics platform that builds on advanced safety technologies such as collision mitigation and adaptive cruise control systems, according to Volvo. The Peloton system electronically couples trucks through a combination of vehicle-to-vehicle communications, radar-based active braking systems and proprietary vehicle control algorithms.
“Peloton Technology has assembled a stellar team and developed a technology-based platooning solution with the potential to save a significant amount of fuel and also increase safety for fleets,” said Jonas Landstrӧm, investment director and head of the Americas for Volvo Group Venture Capital. “Volvo Group Venture Capital is focused on partnering with companies that help our customers increase their bottom line through technology-based solutions.”
A study of Peloton’s system by the North American Council for Freight Efficiency and a major fleet, using the industry standard SAE Type II test, showed reductions in fuel consumption of 10% for the rear commercial vehicle and by more than 4% for the front vehicle, the company said. Volvo Group also noted that other U.S. and international studies of truck platooning have also shown high levels of fuel efficiency improvement.
“The societal demand for reduced traffic congestion, as well as improved safety on our nation’s highways, will continue to drive the need for innovative advanced technologies, such as platooning,” said Stephen Roy, president of Mack Trucks North America. “Mack has had a longstanding commitment to maximizing the efficient transportation of freight, reducing the environmental footprint through alternative-fuel vehicles and the purposeful integration of technology and people.”
“Volvo Trucks has long been a leader in offering advanced technology to our customers, and we were the first OEM to lead a platoon,” said Gӧran Nyberg, president of Volvo Trucks North America. “We look forward to working with Peloton Technology as they work on a platooning solution that will improve safety and fuel efficiency, while also combatting the costs associated with congestion.”