Wrightspeed, Inc., today announced it has secured $5 million in a Series A financing from a private investor. The funding will be used to support the development of Wrightspeed's Digital DriveSystem – an extended-range hybrid electric drive system targeted at high fuel consumption and high-performance vehicles.
"Our technology will displace at least 3,000 gallons of fuel per year per high-usage vehicle," said founder and CEO, Ian Wright. The system takes a unique approach to on-board power generation and uses motors modularly, making it easy to tailor to a vehicle's specific use.
Joining the board of directors is David Welch, Ph.D., co-founder, Executive Vice President and Chief Strategy Officer of Infinera. "Wrightspeed's technology provides significant improvements in fuel savings and therefore in payback time for fleet operators," said Welch.
The Company's announcement comes on the heels of the October 25, 2010 announcement by the U.S. Environmental Protection Agency (EPA) and National Highway Traffic Safety Administration (NHTSA) of the first ever programs to improve fuel efficiency for medium and heavy-duty vehicles.