Canadian electric vehicle startup eLeapPower raises $21m funding to accelerate initial production and global growth
eLeapPower, a technology innovator revolutionizing electric vehicles inside and outside, with its Smart Inverter System, announced it raised $21 million CAD in Series A funding. The round was led by a consortium of pension funds and BDC Capital's Cleantech Practice. 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.
Russell Pullan, CEO, eLeapPower: "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. 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.
Zoltan Tompa, Managing Director, BDC Capital's Cleantech Practice: "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. We are pleased to support the commercialization of this key enabling technology and eLeapPower's international expansion."