Wireless Advanced Vehicle Electrification (WAVE) announced that it has secured Series A Extension funding to continue growth and development of WAVE’s state-of-the-art wireless power transfer (WPT) technology.
“This capital gives us the resources to expand strategically, and truly refine our product offering for deployment,” said Michael Masquelier, chief executive officer of WAVE. “We are excited to realign our focus as WAVE enters its next phase.”
WAVE’s WPT technology is the world’s most powerful and efficient single pad wireless charging system ever deployed by a U.S. company for mass transit. Recently celebrating its 4th year in operations, WAVE is currently working on development of a higher-power product to add to its portfolio of product offerings, and will continue business and execution of contracts as planned.
Over the past 16 months, WAVE has deployed a number of projects including Utah Transit Authority’s full service 50kW system and Monterey Salinas Transit’s commercial service waterfront trolley. McAllen Metro will be introducing two electric buses with WAVE wireless charging into its Green Line service in January 2016. Additional projects with Antelope Valley Transit Authority, Central Contra Costa Transit Authority and Long Beach Transit are currently underway.
“As demand for our solutions continue to grow, we are looking forward to securing future partners to help further accelerate the company’s pace of product innovation and fulfillment,” said Masquelier.
With this funding influx, Michael Masquelier, CEO and CTO at WAVE, Mark Farmer, Flying J Management, Dalton Wright, Kickstart Seed Fund and Chad Dixon are part of WAVE’sbBoard of directors. Further financial terms of this deal have not been disclosed.
