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Press
Direct Drive Systems Secures $1.5 Million Bridge Financing
CERRITOS, CA
- 1/26/2006
- CERRITOS, CA – January 26, 2006 – Direct Drive Systems, Inc., (“DDS”) a world leader in the
development and manufacture of high-performance electric motors and generators, today announced that
it has completed a $1.5 million bridge financing that will be converted into its upcoming Series A
funding. The bridge financing is provided by Advent Technologies, a business unit of ITOCHU. DDS
anticipates its Series A financing round will be completed by the end of the first quarter of 2006.
“Our close working relationship with Advent Technologies and ITOCHU will allow DDS products to be
quickly adopted by Japanese customers,” said Tom Smith, CEO of DDS. “We will provide high speed,
high efficiency and high reliability electric motors and generators for Japanese natural gas, electric power
generation and marine customers.” George Funahashi of ITOCHU commented, "Our investment and
partnership with DDS will give us a powerful platform to expand the depth and breadth of our industrial
machinery business, and deliver further value to ITOCHU’s global trading partners."
About Direct Drive Systems
DDS is a start-up company that manufactures high speed permanent magnet motors and generators above
1.5MW (2,000HP). DDS’ unmatched proprietary technology enables its electric machines to operate at
speeds to match the shaft speeds of turbo-machines (centrifugal compressors, steam and gas turbines, etc.)
that are up to 12 times faster than conventional electric machines on the market today. Furthermore, this
unique technology allows DDS electric machines to be smaller, more reliable, more efficient and more
economical in capital and operating costs. DDS has developed its first 2MW (2,600 HP) 23,000 rpm
product and has secured long term contracts with two leading global OEMs. Additionally, DDS plans to
develop an 8MW (10,500 HP) 15,000 rpm in 2006. For more information, please visit:
www.directdrivesystems.net.
About Advent Technologies and ITOCHU Corporation
Advent Technologies, a business unit of ITOCHU Aviation Inc, was established to commercialize U.S.
technologies into Japanese industries. ITOCHU Corporation is one of the largest and most well-respected
trading companies in Japan. Founded in 1858 as C. Itoh Company, ITOCHU Corporation has grown to
approximately $100 billion of global trading transactions every year ITOCHU Corporation operates over
600 domestic and overseas subsidiaries involved in a wide array of industries, including aerospace,
electronics, machinery, media, textiles, food and chemicals, and has a presence in over 80 countries
worldwide. For more information, please visit: www.advent-tech.com and
http://www.itochu.co.jp/main/index_e.html.
Press Contacts
Wendy Orman
Marketing & PR Manager
Direct Drive Systems
562.293.1670
worman@DirectDriveSystems.net
Richard Kinsman
Director, Advent Technologies
A business of ITOCHU
310.414.3870
rkinsman@advent-tech.com
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