Hybra-Drive Systems gets $14.3 million in VC to create 52 new jobs

metromode, 10/30/2008

Hybra-Drive Systems came on the scene four years ago looking to capitalize on the advancements taking place in the fluid power industry. It looks like that strategy is panning out.

The Deerfield-based firm has attracted $14.3 million in venture capital this fall, including $3.35 million from Michigan's 21st Century Jobs Fund. The investment is expected to create 52 new jobs at the 8-person firm.

Hybra-Drive Systems develops ways to operate commercial vehicles more efficiently through advanced hydraulic technology. Its products, which are environmentally friendly, help reduce costs by improving fuel economy and reducing emissions by as much as 60 percent.

The company is developing or bidding on six different vehicle programs that are expected to help expand the firm's product lineup. These vehicles can be used in everything from postal delivery vehicles to taxi cabs.

Source: Michigan Economic Development Corporation
Writer: Jon Zemke

Investment , Sustainability , Transportation