Efficient Drivetrains, Inc. (EDI), a global, high-efficiency Hybrid and Electric drivetrain solutions company, today announced plans to open a Series B round of funding to new institutional and angel investors. The company has already closed $3MM in funding with early participation from an initial Cleantech investor
Governing bodies across the globe are aggressively instituting regulations to evolve to a zero vehicle emissions future. The industry is quickly responding by adopting electrified fleet solutions. EDI’s plans to seek Series B financing have been accelerated due to the rising demand in the North American market from prominent brands in the utility, telecom, and military industries, as well as increased interest from top manufacturers in the Asian market for PHEV vehicles used in mass transportation such as city buses and taxis.
“EDI continues to transform the industry with our game changing technologies,” said Joerg Ferchau CEO of EDI. “Over the course of the last year, EDI has demonstrated remarkable growth, significantly increasing our global customer base–tripling our number of commercial programs. As a result of our momentum, we’re seeking an infusion of capital to meet increasing customer demands, expand quickly and strategically into new markets, and continue our focus on growing the technology portfolio.”
The market has increasingly recognized the potential of EDI’s technology for improving cost and eliminating environmental impacts. The company has already closed $3MM in its Series B round, and plans to complete the round with additional funding and investors in Q1 of 2015. Funds will be used to accelerate product development, strategic alliances, and expand its manufacturing footprint in the US and China.
ST Staff Writers
This post was prepared by Solar Thermal Magazine staff.