0
0
AUSTIN/TEXAS, 26 September 2022: A new series of funding has been raised by Infinitum Electric, creator of a groundbreaking, sustainable air-core motor. The company plans to scale production to meet the growing market demand and raised USD 80m in its Series D funding round.
Utilization of investments
The investment will be used by Infinitum Electric to vertically integrate and automate the production of its motors for the commercial and industrial market segments as well as to finish developing and commercialising a traction motor for the quickly expanding electric vehicle market, where its exceptional breakthrough power density can greatly increase the range of electric vehicles.
Infinitum Electric intends to increase high-volume production out of its Tijuana, Mexico, factory and will double its US staff in 2022 with an additional 50 personnel spread over its Round Rock and Spokane, Washington, offices.
Investors
The round, which was led by Riverstone Holdings and included existing investors Cottonwood Technology Fund, Chevron Technology Ventures, Aventurine Partners, Energy Innovation Capital, and Ajax Strategies, brought the company’s total funding to date to USD 135m.
Industry titans Rockwell Automation and Caterpillar Venture Capital are among the other existing shareholders.
Prior funding
Since the introduction of its IEs Series of motor systems in 2020, Infinitum Electric has established customer agreements with more than USD 900m in potential orders from a variety of businesses in heavy industry, manufacturing, HVAC, and transportation that seek to lower energy and emissions with smaller, lighter, noisier, higher-efficiency motors.
Advisors
This capital raise was led by Evercore Partners, which acted as the company’s exclusive placement agent.
Comment
Ben Schuler, founder and CEO of Infinitum Electric said, “As industrial equipment, cars, aircraft and buildings are rapidly electrifying, our revolutionary motor systems offer a path forward to reduce electricity demand and carbon footprint.”
