September 8, 2008
Adura Announces Bridge Financing From New Frontier Renewable Energy LLC
Adura Systems, Inc., the leading Clean Technology IP company delivering extreme fuel efficiency and near zero emissions solutions for the transportation industry, today announced it has secured Bridge financing from its first investor, New Frontier Renewable Energy LLC, a Clean Technology fund focused on developing alternative energy companies.
"Adura has experienced incredible progress in the past 9 months, developing its IP, partners and customer base," said Marv Bush, president and CEO of Adura Systems. "Our success reflects on our incredible talent and demand for our innovative solutions. This financing will enable us to further develop our product leadership, and drive customer success. Barry Jennings CEO of New Frontier Renewable Energy, LLC brings tremendous expertise in supply chain and strategy. We're excited to be deepening our working relationship with Barry on our terrific Advisory Board."While industry is striving to achieve 20% better fuel efficiency, Adura's software and electronics platform is targeted to improve fuel efficiency by greater than 300% while saving nearly the same on maintenance expenditures. Adura's revolutionary platform is initially targeted towards city bus manufacturers like Gilig, New Flyer (TSE:NFI.UN), and delivery trucks applications such as UPS (NYSE:UPS), FedEx (NYSE:FDX), Coke (NYSE:KO), and Bud (NYSE:BUD) etc.
"Adura Systems is exactly the type of company New Frontier Renewable Energy looks to invest in," said Barry Jennings, CEO at New Frontier. "They have a large market opportunity, strong team, differentiated products and excellent customer traction. Adura is well positioned to lead the way and create the next generation of drivetrain platforms. We look forward to being a part of their next wave of growth."
Adura Systems, Inc. is the clean technology leader in Serial Plug-in Hybrid IP for the transportation industries. The company delivers technology-leading system platforms and intellectual property to the mass transportation market, enabling near zero emissions, and extreme fuel efficiency. Adura addresses the key challenges industry and manufacturers face today: cost, fuel consumption, emissions, range and robust power. Adura is headquartered in Menlo Park, CA., and has offices in Shanghai, China.
About New Frontier Renewable Energy
New Frontier is a developer of wind farms and is a strategic partner with alternative energy companies. Mr. Jennings has many years of experience in the energy and transportation industries. Mr. Jennings was formerly a Global Managing Partner at Accenture responsible for supply chain and strategy for the energy, chemicals, utilities and natural resource industries. New Frontier's latest venture is New Frontier Wind, a 100 Megawatt Windfarm development in the Midwest.