Infinitum Electric Raises $80M to Scale Sustainable Motors Production
May 17, 2022
Infinitum Electric, which develops a sustainable, breakthrough air-core motor, has announced raising $80 million in Series D funding to scale motor production to meet increasing demand. The company said it will use the investment to vertically integrate and automate production of its motors for the commercial and industrial market segments.
In addition, Infinitum said it will complete development and commercialization of a traction motor for the electric vehicle market, where the motor’s power density can significantly extend the range of electric vehicles.
Leading the round was Riverstone Holdings, with Alliance Resource Partners and Applied Ventures also participating. Existing investors Cottonwood Technology Fund, Chevron Technology Ventures, Aventurine Partners, Energy Innovation Capital, and Ajax Strategies also participated. The company said it has raised $135 million to date.
“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,” said Ben Schuler, founder and CEO of Infinitum Electric. “Partnering with Riverstone HOldings, Alliance Resource Partners and our other new and existing network of investors representing leaders in the energy, semiconductor and industrial sectors, puts us in a strong position to scale production, deliver products and impact how the world sustainably consumes and generates power for the next generation.”
Since the launch of its IEs Series of motor systems in 2020, Infinitum Electric said it secured customer agreements with more than $900 million in potential orders across several companies in heavy industry, manufacturing, HVAC and transportation that aim to reduce energy and emissions with smaller, lighter, quieter, higher-efficiency motors. The company’s patented air-core motor design replaces heavy iron used in traditional motors with a lightweight, printed circuit board to generate the same power in half the size and weight, at a fraction of the noise and carbon footprint created by conventional motors.
The company said its motors are 10% more efficient than conventional motors and offer a fully integrated system: motor, variable frequency drive (VFD) and embedded IoT in a single compact package.
With this new funding, Infinitum Electric said it plans to expand high-volume production out of its facility in Tijuana, Mexico, and plans to double its U.S. workforce in 2022 with an additional 50 employees in its Round Rock, Texas, and Spokane, Wash., offices.
For more details on the company and its technologies, visit the Infinitum Electric website here.
