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
“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.