Efficient Drivetrains, Inc (EDI) has closed on $7.85 million in new capital in its Series C financing round. The company expects to raise $15 million by the time the Series C round is completed in Q4 2016.
EDI will use the new funds to accelerate plans for mass production of its PowerDrive drivetrain product line, PowerSuite control software and Power2E exportable power solution, as well as to expand its manufacturing footprint in the US and China.
Two members of investor H&Q Asia Pacific will join the company’s board of directors, bringing with them extensive green-tech experience from previous investments in the sector.
EDI continues to see strong demand for its PHEV and EV drivetrain and connected vehicle technologies. It says customer orders are growing in the North American market from OEMs in the work truck, agriculture, logistics, and port industries, and from Asian manufacturers of PHEV passenger, mass transit and commercial vehicles.
Source: Efficient Drivetrains, Inc