TruckLabs is Acquired by Global Manufacturer ConMet

November 09, 2023 / Jason Schoettler

We’re excited to announce a triple-win exit that delivers investor value, creates commercial momentum with an innovative technology, and positively impacts the planet 

When Calibrate led TruckLabs’ Series A financing back in 2019, we recognized the enormous potential of the company’s deceptively simple value proposition. Its TruckWings product, which is an aerodynamic device that automatically deploys at highway speeds to close the gap between a big-rig’s cab and trailer, seemed like a “no-brainer” way to increase fuel efficiency, reduce costs, and lessen climate emissions. And we were right.

Already, four of the top 10 largest fleets in North America have widely deployed TruckWings on their vehicles. Fleets with TruckWings have collectively logged over 750 million highway miles and saved over 80 million pounds of carbon dioxide emissions. TruckWings reduce drag, improve stability, and increase fuel efficiency by up to 6% – saving over 1,100 gallons of fuel and 15,000 pounds of carbon dioxide emissions for each diesel truck per year. Importantly, they also extend the range of electric and hydrogen-powered vehicles.

We are not the only ones to recognize TruckLabs’ potential. We are thrilled to announce that TruckLabs has been acquired by ConMet, a global manufacturer of components for commercial trucks and trailers. Founded in 1964, ConMet is the world’s leading supplier of wheel hubs, aluminum castings, and structural plastics for heavy-duty vehicles. The two companies will be stronger together because they share a key goal: a laser focus on using innovation to improve truck efficiency so fleets can reduce costs and climate emissions. Every TruckWings-equipped commercial vehicle is equivalent to removing two cars from the road. And as the industry explores electric and hydrogen, TruckWings will play a pivotal role in range-extension.

In TruckLabs, ConMet is acquiring a proven technology and a revenue trajectory that has grown 250% this year. TruckLabs doubled the number of TruckWings units sold in the last year. As venture investors, it is always gratifying to see an exit that provides not just a financial win, but also a great business partnership and a clear benefit for customers. This merger ticks all those boxes, and one more because of its positive environmental impact. 

It has been my great pleasure to serve on TruckLabs’ board for the last three years, supporting the team through the pandemic, years of hyper growth, and finally to conclude this strategic partnership with ConMet. TruckLabs Founder and CEO Daniel Burrows is the type of technical visionary, hands-on entrepreneur who, when he sets out to achieve a bold goal like keeping 100 million metric tons of carbon out of the atmosphere each year, always finds a way to deliver.