Efficient Drivetrains, Inc. (EDI), a Milpitas, CA-based provider of Hybrid and Electric drivetrain solutions, raised $7.85m in the initial close of its Series C financing round.
The round, forecasted to close at $15m in the fourth quarter of 2016, subject to final agreements, was led by new investor H&Q Asia Pacific, in conjunction with Jiaxing Daxin Investment Partnership. As part of the investment, 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 company intends to use the funds for mass production of its EDI PowerDrive™ drivetrain product line, ancillary EDI PowerSuite™ control software, and EDI Power2E™ exportable power solutions as well as for expansion of its manufacturing presence in the US and China.
Led by Joerg Ferchau, CEO and founder, Efficient Drivetrains develops and markets a range of PHEV and EV drivetrain solutions worldwide. Its hybrid-electric drivetrain systems and technologies enable OEMs to meet zero-emissions requirements while providing cost and efficiency advantages for parallel and series hybrid drivetrain architectures across nearly all platform classes and configurations.
The company is currently active in automotive projects throughout North America with OEMs in the work truck, agriculture, logistics, and port industries, and from leading manufacturers and the APAC region for PHEV passenger, mass transit, and work truck vehicles.