H&Q Asia Pacific has led a US$15 million series C financing round in Efficient Drivetrains, Inc., a high-efficiency hybrid and electric drivetrain solution provider.
H&Q Asia Pacific injected US$7.85 million in new capital, in conjunction with Jiaxing Daxin Investment Partnership, as part of the investment round.
The round is expected to be worth US$15 million at the time of final closing during the fourth quarter.
The company says it will use the proceeds to accelerate plans for mass production of its product line and expand its manufacturing footprint in the U.S. and China.
As part of the investment, two members of H&Q Asia Pacific will join the company’s board of directors including chairman Ta-lin Hsu, and managing director Robert Shen.
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