Venture capital firm NGEN Partners and Robeco’s clean technology private equity arm has provided $20 million for new transmission technology pioneered by Fallbrook Technologies.
San Diego-based Fallbrook said it’s completed the first close of a $24.5 million financing round, its first venture-financed round. The bulk of the investment came from NGEN’s third fund, NGEN III, and Robeco’s Clean Tech Private Equity funds. Windstone Capital Partners provided advisory support.
Previous Fallbrook fundraising has been through private equity investment.
Fallbrook will use the new capital to continue the commercialization of its NuVinci continuously-variable planetary transmission, which Fallbrook says improves performance and increases fuel efficiency.
"We're convinced that NuVinci technology, already commercialized for bicycles, can revolutionize a wide range of cleantech market segments," said Steven Parry, managing director of NGEN. "The investment in Fallbrook reflects our commitment to help companies who are leading the way to a more sustainable energy future."
Parry and Robeco’s Keimpe Keuning will join Fallbrook’s board of directors as part of the investment deal.