Antonov, the transmission development company, says it has raised EUR35m of additional finance secured through its main fundraiser.
To further help bring its products to market, Antonov has agreed two new financing facilities with its largest shareholder Quivest B.V. including EUR20m of equity finance that will help accelerate the introduction of its 2-speed applications.
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The company has also agreed an EUR15m loan facility to help meet the expected costs of a possible joint venture in China for the production of its TX6 automatic transmission.
Antonov says its all-new TX6 gearbox provides a technical breakthrough in automatic transmission design, eliminating the traditional torque converter and bringing the efficiency of an automatic gearbox closer to that of a manual transmission.
The company has also announced the appointment of Bernd Ramler as a non-executive director. Mr Ramler has previously worked for Daimler-Benz AG, Mercedes-AMG GmbH and Porsche AG, where he headed powertrain and engine activities for street cars and racing cars, as well as supporting racing activities worldwide for all three companies.
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