EDI Seeking Series B Expansion Round, $3MM Already Closed
Efficient Drivetrains, Inc. (EDI), a leader in advanced, high-efficiency Hybrid and Electric drivetrain solutions, has 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’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.”
The company 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.
Category: Capital Markets, Hybrids
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