Inventev recently landed a $500,000 federal grant, which represents a large chunk of the TechTown-based
startup's upcoming seed round.
The 4-year-old clean-tech startup has raised $750,000 in seed capital, including the half-a-million-dollar grant, a matching $50,000 grant from the state of Michigan, and $200,000 worth of in-kind contributions. The $500,000 grant is from the ARPA-E agency of the U.S. Department of Energy.
"This satisfies about 50 percent of our seed round," says Dave Stenson, founder and CEO of Inventev
. "We hope to close that as soon as possible."
Inventev and its team of four people are developing a hybrid-electric system for commercial trucks. Unlike traditional plug-in electric technology that helps propel a vehicle, Inventev's new transmission architecture allows electric machines to operate other aspects of the trucks. That way the trucks' diesel engines don't need to idle while operating their hydraulic lift to dump a load material.
The $1.5-million seed round, which Stenson hopes to close by at least the second quarter of this year, will go toward building out the first prototype of the platform. Specifically it will be a lab-based delivery vehicle. The second half of the seed round is expected to fund the creation of a road-worthy prototype.
"This is our first hardware set," Stenson says. "It's fair to call it proof of concept prototype."
Source: Dave Stenson, founder & CEO of Inventev
Writer: Jon Zemke
Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.