Zhejiang VIE Science and Technology Co., Ltd, a Leading China-Based Automotive Parts Manufacturer, Leads $10M USD Series B Raise for Evatran
By Business Wire News
Evatran Group, Inc. (“Evatran”) and Zhejiang VIE Science and Technology Company (“VIE”), a leading manufacturer of automotive parts based in Zhejiang Province, China have moved to the second phase of a planned global expansion with Evatran’s Plugless EV charging technology. VIE’s total $3.2 million investment to date formally kicks off Evatran’s $10M Series B Raise with VIE as lead investor and plans for a third investment as the companies move forward in North America and China.
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Evatran manufactures and sells Plugless, the only commercially available wireless EV charging system in the world.
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. After a successful quarter in partnership with Evatran, and at a time when a growing list of OEMs are planning efforts to include wireless charging in future EV models, VIE has moved forward with its second planned investment in Evatran.
Headquartered in Zhuji City, Zhejiang Province, China, VIE is a Tier 1 automotive manufacturer which services both China-based OEMs and the global automotive market. VIE went public in 2011 on the Shenzhen Security Exchange (SHE:002590) and, across the whole VIE group (including VIE Science & Technology Co. and other business units), surpassed $1.2B USD in sales in 2014. VIE specializes in the development and manufacture of major automotive parts and has led the development of a number of state and trade standards across China. This relationship with Evatran is part of several key strategic investments by VIE in new vehicle technologies.
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.
The Plugless™ Level 2 EV Charging System, developed by Evatran™, is the first wireless electric vehicle (EV) charging system on the market in the world. Plugless offers customers a simple way to charge their EVs with the ease of wireless technology. Originally founded in 2009, Evatran is headquartered in Richmond, Virginia and is the market leader in meeting consumer demand for high-power inductive EV charging products across the USA and Canada. To learn more about PLUGLESS visit www.pluglesspower.com.
Evatran Group, Inc.
Steve Cummings, 804-380-9928