Israeli electric vehicle powertrain developer IRP Systems announced today that it has raised $17 million in a Series B financing round led by Chinese venture capital fund Fosun RZ capital, with the participation of JAL ventures, Entrée Capital, Tal Capital, Union Tech Ventures, Cendana Capital and Allied Group subsidiary Champion Motors, Israel's Volkswagen importer.
Based in Ness Ziona, IRP Systems provides high-performance, cost-effective powertrain products to the electric vehicle market. The company's TrueDrive electric motors and controllers offer powertrain efficiency, range and performance while minimizing total powertrain costs. The company's global customer base includes top automotive and micro-mobility manufacturers.
IRP Systems cofounder and CEO Moran price said, "We are confident that our technology will enable the electric vehicle market to overcome its biggest hurdle: cost. Using innovative techniques rooted in the aerospace industry, we've developed electric powertrain products that are truly high-performance and cost-effective so they can be scaled quickly to accelerate mass-market adoption of EVs of all kinds. We are excited to partner with Fosun RZ Capital, whose strong support will significantly help advance our efforts in APAC, the largest and fastest-growing market for electric vehicles."
"We were deeply impressed by IRP's team and technology and we believe that their ability to reduce cost and significantly improve efficiency in a fast-growing industry will enable them to become a very large company. We are proud to partner with them and help increase their footprint in the Chinese market," said Danny Hadar, Israel Managing Director at Fosun RZ Capital.
IRP Systems was originally founded as an aerospace powertrain company by CTO Paul Price and CEO Moran Price. The company developed and perfected unique systems designed to meet the stringent standards of the aerospace industry. The company made the strategic decision to redirect its versatile products and software to address the rapidly growing demand in the automotive sector.
Advs. Yair Geva and Lior Katz from Herzog Fox & Neeman represented the lead investor Fosun
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