Evatran Group, Inc. has completed a strategic investment from Zhejiang VIE Science and Technology Company (VIE), a leading manufacturer of automotive parts based in Zhejiang Province, China. The initial investment of $1.6 Million is the first phase of a planned further partnership with Evatran to introduce wireless EV charging product to China, the world's largest EV market.
The two companies also announced the formation of a joint venture to integrate Plugless, Evatran’s wireless EV charging system, into the EVs of car manufacturers (OEMs) based in China. The new venture is called Zhejiang VIE Evatran Electronic Technologies Co. and was created with an initial investment of $5 million.
The joint venture pairs Plugless products and inductive charging technology with the manufacturing experience and long-term OEM customer relationships of VIE, a leading manufacturer of automotive parts based in Zhejiang Province, China. The joint venture expects Plugless EV charging to be in series production and commercially available with a China-based OEM in 2017.
“China is the fastest growing EV market in the world, and we see tremendous opportunities in bringing Plugless technology to the market,†said Evatran CEO Rebecca Hough. “VIE is the perfect partner in this joint venture, working together toward another first with Plugless – series production of wireless EV charging.â€
China surpassed the United States for the largest electric vehicle market in the world, by sales volume, in late 2014.The partners began conversations in early 2015 and closed this initial investment in early June in order to move forward with planning and due diligence in preparation for marketing the Plugless technology in China. With a further cooperation for the China market, VIE will complete an additional equity investment in Evatran’s Series B investment round to open later this year.
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 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 it has provided more than 200,000 trouble-free wireless charge hours. Currently, Plugless supports 3.3kW charging for the Chevy Volt, Nissan LEAF and Cadillac ELR EVs. It plans to support Tesla and BMW EV models later this year with 6.6kW wireless charging.
