MILPITAS, Calif.--(BUSINESS WIRE)--Efficient Drivetrains, Inc. (EDI), a global leader in advanced, high-efficiency Hybrid and Electric drivetrain solutions, today announced that it has closed initial funds in its Series C financing round, highlighted by an initial infusion of $7.85 million in new capital, led by new investor H&Q Asia Pacific, in conjunction with Jiaxing Daxin Investment Partnership. The Series C round, forecasted at $15 million is expected to close in Q4 2016, subject to final agreements.
As government and industry regulations continue to evolve aggressively to meet zero-emissions vehicle objectives, EDI continues to see widespread demand for its PHEV and EV drivetrain and connected vehicle technologies. The company has recently experienced acceleration in customer orders due to the rising demand for its unique technology in the North American market from prominent OEMs in the work truck, agriculture, logistics, and port industries, and from leading manufacturers in the Asian market for PHEV passenger, mass transit, and work truck vehicles. EDI’s plans to seek Series C financing were expedited in order to keep pace with the closing of substantial projects and partners in North America and China to provide its drivetrain, vehicle control software, and exportable power solutions for OEMs, end-customers, and Clean-Technology vehicle manufacturers.
The market has increasingly recognized the potential of EDI’s technology for improving cost and eliminating environmental impacts. The company has already closed $7.85 million in its Series C round, and plans to complete the round with additional funding and investors in Q4 of 2016. Funds will be used to accelerate plans for mass production of its EDI PowerDrive™ drivetrain product line and ancillary EDI PowerSuite™ control software, and EDI Power2E™ exportable power solutions. Funds will also be used to expand its manufacturing footprint in the US and China.
As part of the initial infusion of capital, two members of H&Q Asia Pacific will join the company’s board of directors including Chairman Ta-lin Hsu, and Managing Director Robert Shen. The new board members bring extensive green technology experience to EDI with their previous investments in the technology sector, including electronic integrated circuit solutions, and one of the largest Li Battery companies, ATL.
“Globally, the emissions reduction mandates are fundamentally changing the vehicle industry as a whole, creating a tremendous opportunity for EDI and our technology. Early on, we strategically paired the company with a forward-thinking customer base in the US and China, resulting in a portfolio of exceptional, world’s first technology,” said Joerg Ferchau, CEO and founder of Efficient Drivetrains. “The partners and investors we’ve chosen for this opportunity align with our highest priority, the success and growth of our technology in the marketplace. With their support, we are able to expedite our plans for mass production.”
“We were impressed by the Efficient Drivetrains business strategy, vision, and portfolio of technology. It presented a very compelling investment opportunity that we were driven to take part in,” said Benson He of H&Q Ventures. “EDI has redefined the approach to alternative fuel drivetrains and vehicle technology, and we believe they have the foothold in the marketplace. We’re excited to be a critical component the global transformation they will deliver worldwide.”
- Worldwide Country Climate Pledges: http://www.carbonbrief.org/paris-2015-tracking-country-climate-pledges
- Corporate Website: http://efficientdrivetrains.com
- EDI on LinkedIn: https://www.linkedin.com/company/efficient-drivetrains
- EDI on Facebook: https://www.facebook.com/efficientdrivetrains
Efficient Drivetrains, Inc. (EDI) develops and markets a range of state-of-the-art PHEV and EV drivetrain solutions worldwide. EDI's leading-edge hybrid-electric drivetrain systems and technologies enable OEMs to meet zero-emissions requirements while providing significant cost and efficiency advantages for parallel and series hybrid drivetrain architectures across nearly all platform classes and configurations. EDI is currently active in automotive projects throughout North America and the APAC region. Visit www.efficientdrivetrains.com for more information.
About H&Q Asia Pacific:
H&Q Asia Pacific (“H&QAP”) is a private equity and venture capital fund manager that invests throughout the Asia Pacific region and focuses on cross border opportunities. Founded in 1985 by Dr. Ta-Lin Hsu as a joint venture with Hambrecht & Quist Group, H&QAP is today an independent investment firm that has managed 26 funds with total assets of $3.5 billion through offices in Shanghai, Hong Kong, Shenzhen, Silicon Valley, Seoul and Taipei. H&QAP invests in a variety of sectors, including technology, manufacturing, branded consumer products, financial services, media, healthcare and real estate. For additional information, please visit www.hqap.com.