Efficient Drivetrains, Inc. (EDI) has closed initial funds in its Series C financing round toward funding the company's PHEV and EV solutions, and is forecasted to close in Q4 2016 at $15 million, the company announced.
The company revealed funding is highlighted by an initial infusion of $7.85 million in new capital, led by new investor H&Q Asia Pacific. The forecasted $15 million is subject to final agreements.
The financing is designed to meet government and industry regulations to meet zero-emissions vehicle objectives. Funds will be used to accelerate plans for mass production of EDI's line of EV and PHEV drivetrains, ancillary vehicle control software and telematics, and two-way charging and power solutions, according to the company.
“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.”
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.