Venture capital firm Par Equity and the Scottish Investment Bank gave £320,000 in funding to Dukosi, a Scottish technology firm, to introduce its Electric Vehicle Optimization Integrated Circuit commercially, the Herald Scotland reported.
The Electric Vehicle Optimization Integrated Circuit or EVoIC system is a product that Dukosi said would make electric-powered vehicles more efficient. The computer chip would be able to deal with the disadvantages of using electric vehicles, lengthening the range that a car can reach with just one charge, the report said.
The report quoted the company as saying, "In addition, it manages how the batteries are charged and discharged in such a way that their useful lifetime is lengthened. The technology also greatly enhances the reuse and recyclability of used vehicle batteries."
Dukosi Chief Executive Officer Gordon Povey said, "The market for electric vehicles is now really taking off, especially in the Far East but also in the USA and now Europe. This is a great opportunity for us."
Various manufacturers of electric vehicle have already expressed interest in putting the EVoIC system to the test. Dukosi is already in the process of getting technical and commercial staff on board and intends to have customers try the product by the second half of this year. Volume production for the smart chip is scheduled in 2015, the report said.
Scottish Investment Bank Head Kerry Sharp said, "Dukosi is a great example of a company exploiting the benefits of the transition to the low carbon economy, with a product with an international market."
The financing served as an approval to Stephen Churcher's vision for the company. Churcher, who helped built Dukosi, passed away due to a cycle crash in August. He was only 46 years. He established Dukosi a decade ago and self-describes himself as an "entrepreneur, parent, Grand Canyon kayaker, performance improvement enthusiast, lover of wild places, adventure sports and good food" on his page on the micro-blogging platform Twitter, the report said.
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