Deals

Clean Wave takes $8.8M for electric car tech

Clean Wave Technologies, a company that makes components for electric and hybrid vehicles, has raised $8.76 million in its first round of institutional funding.

The company has yet to reveal its products, which are still being tested by customers, according to the Clean Wave website.

This is Clean Wave’s first cash infusion since 2009, when the startup took $1.85 million in debt financing.

Employees named in the filing include chief exec Mike Kubic (previously a consultant for Tesla) and VP Rudy Garriga (formerly a Tesla engineer working on the car manufacturer’s drive motors).

Investors include Grand River Capital, whose investing partner Eric Wang runs the firm’s green-tech fund. Called SinoGreen, the $150 million fund is “focusing on renewable energy, energy efficiency, cleaner transportation, non-energy related climate change mitigation technologies and other technologies that have direct contribution to climate change mitigation and adaptation.”

Wang is taking a seat on the startup’s board of directors.

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