EcoMotors Receives New Investment from Current Customer, Zhongding Power, Adding to the Funding from Bill Gates and Khosla Ventures
By Business Wire News
By Business Wire News
ALLEN PARK, Mich.
EcoMotors (EM) announced today that it has secured a lead investor for their series D funding round—EM’s largest customer, Zhongding Power,a subsidiary of China-based Zhongding Group. The amount of the investment is undisclosed.
The investment signals a tightening bond between the two companies, as Zhongding Power signed a product development agreement in 2010 and license agreement in 2013 to develop and produce EM’s opoc® engine technology in China.
opoc® is a breakthrough engine technology with the potential to be the world’s most efficient, cost effective, lightweight internal combustion engine. One of the largest automotive component conglomerates in China, Zhongding will finance and construct the first opoc® plant in the Anhui province.
Zhongding joins an elite group of investors, including Bill Gates, Khosla Ventures and Braemar Energy Ventures, sharing the belief of the global potential of opoc® technology and the disruptive effect it will have on the industry.
“Zhongding is EM’s first customer; it’s a pleasure to now have them as one of our key investors as well” EM President and CEO Amit Soman said. “They, like Bill Gates and Khosla, believe we can change how people think about the combustion engine and create a technology that will be revolutionary for the entire world.”
“Zhongding is proud to be a major driver of a technology that has the potential to have a global impact on so many different industries and products,” said Xia Dinghu, Chairman of Zhongding Group. “We believe that this game-changing technology will help solve some of the environmental challenges we face today by offering a more efficient and lower cost engine.”
The existing agreement with EM represents an investment by Zhongding of more than $200 million. The new plant will have a capacity to produce an estimated 100,000 engines per year.
The opoc® engine will deliver the same power levels as conventional engines but in a smaller, lighter, more cost effective package. When compared to a state-of-the-art, conventional turbo-diesel engine, the opoc® engine has the potential to deliver an improvement of more than 15 percent in fuel economy.
Zhongding plans to supply opoc® engines to a broad range of customers and applications, including power generation sets, as well as off-road and commercial vehicles.
Established in 2008, EcoMotors is changing the landscape of internal combustion power. Based in Allen Park, Mich., EcoMotors is commercializing the opoc® engine for use in cars, light trucks, commercial vehicles, marine, agriculture, auxiliary power units, generators, etc. Anywhere conventional gas or diesel power is currently utilized, opoc® represents a better propulsion solution.
The Zhongding Holding (Group) Co., Ltd. is a diversified international company established in 1980 with headquarters located within the economic and technical development zone of Ningguo, Anhui Province, China. Today, the Group comprises 20 modern automotive components entities including Zhongding Power, operating both domestically and internationally.
Jared Finney, 313-294-5700