China auto parts maker fast-track global expansion plans

Evatran Group Inc. and Zhejiang VIE Science and Technology Company, a manufacturer of automotive parts based in Zhejiang Province, China have moved to the second phase of a planned global expansion with Evatran’s Plugless EV charging technology.

 

VIE’s total $3.2 million investment to date formally kicks off Evatran’s $10M Series B Raise with VIE as lead investor and plans for a third investment as the companies move forward in North America and China.

 

Evatran manufactures and sells Plugless, the only commercially available wireless EV charging system in the world.

 

VIE and Evatran plan to expand Plugless growth in North America and introduce proven wireless EV charging products in China, the fastest growing electric vehicle market. After a successful quarter in partnership with Evatran, and at a time when a growing list of OEMs are planning efforts to include wireless charging in future EV models, VIE has moved forward with its second planned investment in Evatran.

 

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 (SHE:002590) 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.