MILPITAS, CA — Efficient Drivetrains, Inc. (EDI), a global leader in advanced, high-efficiency Hybrid and Electric drivetrain solutions, announced that it has closed a 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.
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.”