Fallbrook Technologies Inc., a technology company dedicated to improving the performance of transmissions for engine and human powered devices, has completed the first close of a $25.4 million financing round.
NGEN III, LP provided $10 million as the lead investor. Robeco, the investment arm of Rabobank of The Netherlands, provided an additional $10 million from its Clean Tech Private Equity funds. Windstone Capital Partners, Inc. of Scottsdale, Ariz. provided advisory support for the round.
The investment will enable Fallbrook to continue the commercialization of its NuVinci continuously variable planetary (CVP) transmission, and to accelerate the development of advanced technologies. A number of applications of NuVinci technology–both current and projected–represent significant clean technology opportunities.
The NuVinci CVP can be used in virtually any transmission-based vehicle
or device–from bicycles and outdoor power equipment to cars, trucks
and wind turbines. It is already on track to expand the number of
bicycles used for transportation and it enables the design and
manufacture of a wide range of electric and hybrid vehicles that have
the speed, range and hill-climbing capability to be genuine
transportation alternatives.
The NuVinci CVP uses a set of rotating and tilting balls positioned
between the input and output components of a transmission. Tilting the
balls changes their contact diameters and varies the speed ratio.
A study conducted by the National Renewable Energy
Laboratory (NREL) showed that, when used in a wind turbine, NuVinci
technology can reduce the cost of producing energy.
Since coming into the market in late 2006, market acceptance and
penetration for the NuVinci CVP has increased steadily–particularly
in the bike and electric vehicle industries, and especially in Europe.
Originally formed with an IP licensing business model, Fallbrook, in
March 2008, also became a manufacturing and marketing company for
certain applications. MTD Products Inc physically manufactures the
NuVinci CVP for bicycles and light electric vehicles in its
Leitchfield, Ky. facility under agreement with Fallbrook.
This is Fallbrook’s first venture-financed round; previous financing for the company was done through private equity investment.
“NuVinci technology has enormous potential to add value in the bicycle, electric vehicle and automotive industries,” said Keimpe Keuning, senior investment manager at Robeco.
In 2007–its first full year on the market–NuVinci technology won several major awards, including the prestigious R&D 100 Award as one of the year’s most technologically significant products. It also won the Netherlands’ Technology of the Year Award. Bicycles equipped with NuVinci drivetrains won the Popular Science Best of What’s New award and Bike of the Year in The Netherlands.
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