Startup eLeapPower raises $21 million to reduce electric vehicle charging time
eLeapPower Announces $21 Million in Series A Funding, Accelerating Initial Production and Global Growth
eLeapPower, a technology innovator revolutionizing electric vehicles – inside and outside - with its Smart Inverter System, announced today that it raised $21 million CAD in Series A funding. The round was led by a consortium of pension funds and BDC Capital's Cleantech Practicille. eLeapPower's initial contract is with a global automotive manufacturer headquartered in China that will use eLeapPower's smart inverter technology to drive its best-selling line of fully electric commercial fleet vehicles.
eLeapPower's suite of powertrain technologies significantly reduces electric vehicle charging time, and allows for bidirectional charging, as well as charging directly from renewable energy sources like wind and solar.
eLeapPower's patented technology works across all manufacturers, vehicle types, motors, and batteries, eliminating the need for on-board chargers and lowering manufacturing costs. The company's portfolio of technologies includes wireless charging that allows for alignment of charging fields without requiring 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. "Unlike existing technologies, eLeapPower is a new system to allow direct charging from renewable energy – enabling electric vehicles to be truly green."
With this capital raise, eLeapPower opened an engineering center in Shenzhen, China, to better meet the needs of its initial customers. The funding will also enable eLeapPower's award-winning technologies to be used across a broader range of commercial and passenger electric vehicles.
"eLeapPower's smart inverter technology will accelerate the transition to electric vehicles by addressing range anxiety and simultaneously reducing the cost of the vehicle and charging infrastructure," said Zoltan Tompa, managing director of BDC Capital's Cleantech Practice. "We are pleased to support the commercialization of this key enabling technology and eLeapPower's international expansion."
About eLeapPower eLeapPower is a Canadian startup growth-stage technology company that has completely reimagined electric vehicle powertrains and has developed a suite of over 50 patented technologies to provide advantages for driving and charging performance. eLeapPower works closely with research institutes, utilities, logistics companies and Tier1 automotive parts suppliers to electrify commercial fleets and passenger vehicles. These initiatives will enable the company to establish its brand and add technologies to its Smart Inverter platform, leading to new strategic partnerships within the automotive sector. It is eLeapPower's goal to make electric vehicles more accessible and accelerate the adoption of EVs for commercial use, helping drive us to a low-carbon economy. For more information, visit www.eLeapPower.com.
BDC Capital BDC Capital is the investment arm of BDC, the bank for Canadian entrepreneurs. With over $3 billion under management, BDC Capital serves as a strategic partner to the country's most innovative firms. It offers businesses a full spectrum of capital, from seed investments to growth equity, supporting Canadian entrepreneurs who have the ambition to stand out on the world stage. Visit bdc.ca/capital.
Consortium of Institutional Investors Lead investors, along with BDC, were institutional investors including the pension trust funds for the Electrical Industry of Ottawa, and Quinte St. Lawrence Electrical Workers, which invest in Canadian companies with game-changing technologies and a clear path to becoming a global leader in their industry.