eLeapPower, a Toronto, CA-based maker of a smart inverter system for electric vehicles, raised $21m CAD in Series A funding.
The round was led by a consortium of pension funds and BDC Capital’s Cleantech Practice.
The company intends to use the funds to open an engineering center in Shenzhen, China, and use its technologies across a broader range of commercial and passenger electric vehicles.
Led by Russell Pullan, CEO, eLeapPower has developed a suite of over 50 patented technologies working across all manufacturers, vehicle types, motors, and batteries, eliminating the need for on-board chargers and lowering manufacturing costs. The company’s portfolio of technologies includes wireless charging that allows for alignment of charging fields without requiring either the vehicle or charging plates to physically re-align.
eLeapPower works closely with research institutes, utilities, logistics companies and Tier1 automotive parts suppliers to electrify commercial fleets and passenger vehicles. Its initial contract is with a global automotive manufacturer headquartered in China that will use its smart inverter technology to drive its line of fully electric commercial fleet vehicles.