SOURCE: Efficient Drivetrains, Inc.
PALO ALTO, CA--(Marketwire - Jun 14, 2012) - Efficient Drivetrains, Inc. (EDI), a global leader in advanced, high-efficiency PHEV, BEVs, HEVs, and CVT solutions, today announced that it has completed the registration and initial capitalization effort for its China venture, EDI New Energy Automotive Technology Company (NEAT), located in Wuxi, China -- the first part of a multi-phase plan to expand globally. An official opening of the EDI NEAT office is planned for later this year.
"Wuxi was the logical first step in our global expansion," said Joerg Ferchau, CEO of EDI. "First, because China is second only to the United States as the largest source of new technology auto industry research and development. Second, because the Wuxi Government's '530' Plan to attract advanced, high-tech overseas entrepreneurial businesses to the city made it a very attractive proposition." EDI views its presence in China as a key component of its global strategy, Ferchau added.
EDI has developed leading edge hybrid electric drivetrain systems and technologies that provide significant cost and efficiency advantages for parallel and series hybrid drivetrain architectures across nearly all platform classes and configurations, as well as game-changing technology for new types of continuously variable transmissions (CVT) that are the most efficient and largest capacity transmissions of their type in the industry today.
China, one of the most advanced countries in the world in the drive to reduce dependence on fossil fuels, has as a main objective to reduce imported oil to zero, and get off of coal in a period of 25 years. As part of their drive they have mandated the manufacture of New Energy Vehicles (NEVs) that will use electricity instead of gasoline and Diesel.
EDI has received backing for this venture from Silicon Valley China Venture Management LLC (SVC). SVC helped EDI secure the backing of the Wuxi Government, and has provided EDI with funding.
"With the rapid rise of China as a major force in NEVs, EDI and SVC have been very active in considering ways to partner and engage with China's automotive research and development community," said Winston Xu, President of SVC. "We are extremely pleased with this latest development."
EDI and new NEAT personnel will promote EDI NEAT products and services to Chinese automotive companies, engineers in universities, and government-sponsored automotive research institutes. "One goal is to increase the number of automotive engineers in China who know of our advanced NEV technologies," said Professor Andrew Frank, CTO of EDI. "We want to help support important research in related automotive fields that is taking place in China."
In other news, EDI has announced the expansion of its Research, Development & Demonstrations Center in Dixon, California to accommodate an expanding staff and number of projects for 2012.
Efficient Drivetrains, Inc. (EDI) develops and markets a range of state-of-the-art proprietary drivetrain products and technologies that have direct application in PHEVs, HEVs, and BEVs worldwide. EDI's leading edge hybrid electric drivetrain systems and technologies provide significant cost and efficiency advantages for parallel and series hybrid drivetrain architectures across nearly all platform classes and configurations. In addition, EDI has developed a game-changing technology for new types of continuously variable transmissions (CVT) that are the most efficient and largest capacity transmissions of their type in the industry today. EDI is currently active in automotive projects throughout North America and the APAC region. More information about EDI is available at http://www.efficientdrivetrains.com