eLeapPower raises $21 million in Series A funding
by CM Staff
The company also stated that the funding will also enable eLeapPower's technologies to be used across a broader range of commercial and passenger electric vehicles.
TORONTO— eLeapPower says it has raised $21 million in Series A funding.
The company stated that a consortium of pension funds and BDC Capital’s Cleantech Practice led the round.
eLeapPower holds an initial contract with a global automotive manufacturer headquartered in China that will use eLeapPower’s inverter technology to drive its line of fully electric commercial fleet vehicles.
The company has stated that its suite of powertrain technologies reduces electric vehicle charging time, allows for bidirectional charging as well as charging directly from renewable energy sources like wind and solar.
According to eLeapPower, their portfolio of technologies includes wireless charging that allows for alignment of charging fields without the need for either the vehicle or charging plates to physically re-align.
“As the global automotive industry ramps up for an electric future, we have completely reimagined the electric vehicle powertrain. eLeapPower’s innovative design allows vehicles to go farther and charge faster, with significant cost savings for vehicle manufacturers” said Russell Pullan, CEO of eLeapPower in a company statement.
With this capital raise, eLeapPower opened an engineering centre in Shenzhen, China, to try to fulfill the needs of its initial customers. The company also stated that the funding will also enable eLeapPower’s technologies to be used across a broader range of commercial and passenger electric vehicles.
