Evatran Group Inc. has received another $1.6 million investment from a China-based Zhejiang VIE Science and Technology Co.
The latest funding is in addition to $1.6 million that Zhejiang VIE provided to Evatran in mid-2015, bringing its total investment in the company to $3.2 million, so far.
Zhejiang VIE is the lead investor in a Series B round of funding in which Evatran expects to raise $10 million from private and institutional investors.
Zhejiang VIE and Evatran plan to expand Plugless growth in North America and introduce proven wireless EV charging products in China, the fastest growing electric vehicle market.
Evatran is the market leader in putting wireless charging technology in the hands of individual EV drivers across North America. In 2013, it completed field trials in partnership with Google, Hertz, SAP and Duke Energy and in March of 2014, began selling directly to EV owners in the United States and Canada.
To date Plugless has provided more than 350,000 trouble-free wireless charge hours. Currently, Plugless supports 3.3kW charging for the Chevy Volt, Nissan LEAF and Cadillac ELR EVs. Plugless support for additional EV makes and models are expected to be released in Q1 of 2016.
