Echo Automotive Inc., a company focused on providing aftermarket conversions of fleet vehicles to hybrid and plug-in-hybrid powertrains, has secured $500,000 in new capital following a private placement of common stock.
‘Completing this offering gives us additional working capital to continue furthering our technology and executing on our business plan,’ says Dan Kennedy, CEO. ‘We are coming off a very successful NTEA trade show, where we won the Most Innovative Product award. We generated a number of significant prospects, leading to a number of interested customers.’
The company's EchoDrive technology is designed to complement – not replace – the existing powertrain in a fleet vehicle. The key pieces of the bolt-on system include an electric motor, inverter and battery system, as well as plug-in-charging integration. Echo Automotive says fleets that adopt the system will typically realize ROI in two years or less.
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