Cascade Drives raises capital to electrify the hydraulics industry — closes a €5M round led by Industrifonden
Today we are happy to announce our investment in Cascade Drives – a Swedish company that has developed a new technology to replace hydraulics. The €5m round was led by Industrifonden and the capital will primary be used to transition from a customer pilot-phase to scaling up production and enter new markets. Cascade Drives objective is to fully electrify a significant part of the global market for hydraulic-based systems. The revolutionary technical solution enables energy savings of 60% and is applicable to a market with a turnover of €5M.
“Closing a deal like in the current tough investment climate demonstrates strong belief in the company and the technology we have developed. The world is now shifting to electric and it’s becoming increasingly clear to our customers that the electric shift will require new technical solutions for them to maintain and improve productivity,” says Kristian Floresjö, CEO at Cascade Drives.
Cascade Drives develops and manufactures all-electric solutions for linear motion with the aim of replacing hydraulic cylinders. With its patented technology, Cascade Drives dramatically reduces energy consumption and environmental impact – while at the same time increases productivity. The technology also improves operating range of battery-powered heavy vehicles while reducing the risk of fire and oil spills.
“We have been following the progress of Cascade for quite some time and are impressed by what Kristian and his team has achieved. The customer references and results from pilot have been very convincing and Cascade’s solution will be key for them to stay competitive,” says Per Anell, Investment Director, Industrifonden.
Cascade Drives has developed a new type of linear drives for replacing hydraulics cylinders in challenging applications. Initial market segments are heavy mobile machinery and high-pressure pumps. During last few years Cascade Drives has secured multiple validation projects from market leading OEM´s within construction equipment, material handling and high-pressure equipment, demonstrating energy savings of more than 60%.
Read more in Dagens Industri today.