Evatran receives $1.6 million investment to expand to China
Evatran Group Inc. announced Monday it has received a $1.6 million investment from a Chinese automotive manufacturer.
The investment will be used to introduce Richmond-based Evatran’s wireless electric vehicle charging product in China.
Evatran began conversations with Zhejiang VIE Science and Technology Co. in early 2015 and closed this initial investment in early June. VIE will expand an additional investment in Evatran’s Series B investment round later this year, according to the companies.
China last year passed the United States as the largest electric vehicle market in the world by sales volume.
Evatran has been selling directly to electric vehicle owners in the U.S. and Canada since March 2014. Currently, its technology is available for Chevy Volt, Nissan LEAF and Cadillac ELR vehicles. It plans to support Tesla and BMW EV (electric vehicles) later this year.