SOURCE: Efficient Drivetrains Inc. (EDI)

Efficient Drivetrains Inc. (EDI)

February 22, 2012 06:30 ET

EDI Opens Foreign Investment Enterprise Office in Wuxi, China

PALO ALTO, CA--(Marketwire - Feb 22, 2012) - Efficient Drivetrains, Inc. (EDI), a global leader in advanced, high-efficiency PHEV and CVT solutions, today announced its continued expansion into China with the opening of an office in Wuxi, last December. Once final approval is obtained from China's Bureau of Industry & Commerce, the office will serve as EDI's base of operations for China sales and business development, technical support, and future development.

"We're about half way through the approval process," said Joerg Ferchau, CEO of EDI. "Our office opened last month, and is busy working on obtaining company registration from the Bureau of Industry & Commerce. We're expecting full operations to begin in the first quarter of this year."

One of a number of EDI ventures in China, this foray is driven by a relationship with Silicon Valley China Venture Management LLC (SVC). SVC targets and invests in promising U.S.-based technology companies with significant untapped market potential in China, and provides a range of support to its portfolio companies, helping them enter the Chinese market and expand their presence, to ultimately enhance their liquidity options.

SVC helped EDI secure the backing of the Wuxi Government through the Wuxi '530' Plan. The '530' Plan is a program to attract advanced, high-tech overseas entrepreneurial businesses to the city, helping to solidify the city's brand as a leader in scientific and innovative economic development.

SVC has provided EDI with the first $1 Million in funding that will help back the first phase of EDI's road map to establish operations in Wuxi, and help pave the way for EDI's further expansion into the China market. In addition, the Wuxi '530' Plan will introduce EDI to local grant opportunities and provide other local support. The Wuxi Government will also play a role in assisting EDI form Joint Ventures (JVs) with major Chinese auto industry enterprises. EDI's first plan is to raise enough funds to finance a range of activities to attract JV partners.

Some of EDI's other business in the China market includes working with Ankai Bus on a project to jointly develop a plug-in hybrid electric bus, and a partnership with Envirotek, working on an engine and vehicle development project.

About EDI:

Efficient Drivetrains, Inc. (EDI) develops and markets a range of state-of-the-art proprietary drivetrain products and technologies that have direct application in PHEVs, HEVs, and BEVs worldwide. EDI's leading edge hybrid electric drivetrain systems and technologies provide significant cost and efficiency advantages for parallel and series hybrid drivetrain architectures across nearly all platform classes and configurations. In addition, EDI has developed a game-changing technology for new types of continuously variable transmissions (CVT) that are the most efficient and largest capacity transmissions of their type in the industry today. EDI is currently active in automotive projects throughout North America and the APAC region. More information about EDI is available at http://www.efficientdrivetrains.com.

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