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.
"EDI has redefined the approach to alternative fuel drivetrains and vehicle technology, and we believe they have the foothold in the marketplace," says Benson He of H&Q Ventures in a statement.
H&Q Asia Pacific is a private equity and venture capital fund manager that invests throughout the Asia Pacific region and focuses on cross border opportunities.
Founded in 1985 by Dr. Ta-Lin Hsu as a joint venture with Hambrecht & Quist Group, the firm has managed 26 funds with total assets of US$3.5 billion through offices in Shanghai, Hong Kong, Shenzhen, Silicon Valley, Seoul and Taipei.
H&Q Asia Pacific invests in a variety of sectors, including technology, manufacturing, branded consumer products, financial services, media, healthcare and real estate.