FINNISH ELECTRIC POWERTRAIN COMPANY VISEDO RAISES €20M TO SUPPORT GLOBAL EXPANSION
Visedo, a Finnish manufacturer specializing in electric powertrains and components, has secured a financing package of €20 million (US$21 million) to support its international growth plans. The financing consists of an equity investment of €13.5 million, an EFSI loan of €5 million and €1.5 million in funding from other sources.
Founded in 2009, Visedo specializes in electric powertrains and components for heavy-duty machinery, commercial vehicles and the marine industry. Its powertrains are suitable for hybrid and electric systems within the power range of 30 kW to 2,000 kW. Visedo’s head office is located in Lappeenranta, Finland, and the company has a subsidiary in the Netherlands. Visedo has a broad, international client base, with exports to Europe and Asia representing 90% of its sales.
With increasing migration from petroleum to electric-power, the electric powertrain market is expected to grow rapidly to around €11 billion by 2020.
The equity investment round was led by Emerald Technology Ventures, with Ilmarinen, LähiTapiola, Suffice International, Sinituote, Finnish Industry Investment, VNT Management, Green Campus Innovations and Visedo’s employees participating in the funding.
One of the long-term investors in Visedo, Sinituote Oy, becomes the largest shareholder after the funding round. Sinituote is a successful Finnish family office and also one of the few supporting smaller Finnish SME’s both financially and by sharing their experience and vision in business development.
Visedo electric machines are based on synchronous reluctance assisted permanent magnet technology (SRPM)—combining the benefits from PM and synchronous reluctance motor technologies. They are liquid-cooled and designed to work as traction motors in harsh operating environments. SRPM machines deliver improved performance through accurate control and fast response, Visedo says.
Compared to conventional technologies, such as induction machines (IM) or standard permanent magnet motors (PM), Visedo SRPM motors offer smaller dimensions, lighter weight and higher efficiency, the company says.
The motors are available in various speed and torque ratings in both Visedo machine series. Visedo also offers a supercapacitor-based energy storage system, based on third-party cells and Visedo’s own capacitor management system (CMS). For power electronics, Visedo offers three main product groups: PowerMASTER inverters and frequency converters; PowerBOOST DC-to-DC converters; and PowerCOMBO multiconverters - combining inverters and DC-to-DC converters.
French bus manufacturer Safra selected Visedo as the supplier of a full-electric drivetrain its the new Businova hybrid bus. A typical electric drivetrain in hybrid buses can reach an average efficiency of 73%; the Visedo solution, however, reaches more than 90%, and can maintain the vehicle’s high efficiency even with heavy loads, the company says.
The new buses are already in serial production, and the first vehicles are being delivered to various cities in France, for example Toulouse, Gaillac and Albi.