Trade Resources Company News Evatran Group Has Notched up $1.6m in Strategic Investment

Evatran Group Has Notched up $1.6m in Strategic Investment

US-based Evatran Group has notched up $1.6m in strategic investment from automotive parts manufacturer Zhejiang VIE Science and Technology Company (VIE) as part of the first phase of a partnership to introduce ‘Plugless’ wireless electric vehicle charging products in China.

With the talks between the duo beginning in early 2015, the deal was closed in the middle of this year to market the Plugless technology promptly in China.

Consequent upon a further cooperation in China, VIE is set to make an additional equity investment as part of Evatran's Series B investment round due to carried out later this year.

VIE, which caters to both China-based OEMs and automotive segment across the world, clocked sales worth $1.2bn last year.

Evatran, which has developed wireless charging technology across North America, conducted field trials in association with Google, Hertz, SAP and Duke Energy in 2013.

After providing over 200,000 wireless charge hours, the Plugless technology developed by Evatran provides charging at 3.3kW for Chevy Volt, Nissan LEAF and Cadillac ELR EVs. The company also eyes supporting Tesla and BMW EV models with a two-fold rise in the magnitude of wireless charging.

Established in 2009 and based in Richmond, Virginia, Evatran is credited with putting in place wireless charging products across the US and Canada with a clientele of over 100 certified dealers and installers.

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Evatran Gets $1.6m From VIE to Develop Wireless Charging Products in China
Topics: Auto Parts