Visedo switched on for growth with €20m funding 23 December 2016
Electric powertrain manufacturer Visedo has secured a €20 million finance package to support its international growth plans.
The Finnish business offers powertrain solutions for commercial vehicles, heavy-duty machinery and marine vessels and, with increasing migration from petroleum to electric power, it expects this market to be worth €11 billion by 2020.
The financing round was led by Emerald Technology Ventures and it is said to be one of the largest investments in a Finnish cleantech firm this year.
Emerald’s partner Charles Vaslet says: “Electrification improves machine performance, while achieving significant fuel savings and reductions in noise and emissions. These are essential factors for industrial clients and original equipment manufacturers. Thanks to its superior powertrain design and unique business model, Visedo is a winner in this business.”
Visedo operates in Finland and The Netherlands with clients in 19 countries. A new office in Hong Kong is planned for early 2017 to drive business in Asia.
The total funding package comprises an equity investment of €13.5 million, an EFSI loan of €5 million and €1.5 million in funding from other sources, including Visedo employees.
Author
Laura Cork
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