Infinitum Electric, recently announced $80 million in Series D funding to scale motor production to meet increasing demand. Infinitum Electric will use the investment to vertically integrate and automate production of its motors for the commercial and industrial market segments, and complete development and commercialization of a traction motor for the rapidly growing electric vehicle market, where its exceptional breakthrough power density can significantly extend the range of electric vehicles.
Riverstone Holdings led the round with Alliance Resource Partners, Applied Ventures, LLC, the venture capital arm of Applied Materials, Inc., and existing investors Cottonwood Technology Fund, Chevron Technology Ventures, Aventurine Partners, Energy Innovation Capital and Ajax Strategies participating, bringing the company’s total funding to date to $135 million. Other current shareholders include industry leaders Rockwell Automation and Caterpillar Venture Capital.
“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 product 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 has secured customer agreements with more than $900 million in potential orders across a wide variety of companies in heavy industry, manufacturing, HVAC and transportation that aim to reduce energy and emissions with smaller, lighter, quieter, higher-efficiency motors. Infinitum Electric’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.
“Decarbonization across commercial, industrial and consumer markets driven by ESG and the energy transition creates wide scale opportunities for Infinitum Electric’s motors to power a new generation of equipment with greater performance, and at a fraction of the carbon footprint of traditional motors,” said John Staudinger, managing director of Riverstone Holdings. “We’re excited to welcome Infinitum Electric to our portfolio and partner with Ben Schuler and his extraordinary team as they scale production of motors that are better for the planet and people.”
Electric motors consume more than half of the world’s electricity today, and 800 million motors are sold annually worldwide, a number that has been increasing by 10 percent each year. Infinitum Electric motors are 10 percent more efficient than conventional motors and offer a fully integrated system: motor, variable frequency drive (VFD) and embedded IoT in a single compact package.
“Infinitum Electric’s disruptive technology offers tremendous growth potential and aligns well with Applied Ventures’ investment strategy,” said Dr. John Wei, investment director at Applied Ventures. “Their high-efficiency motors could have a broad and meaningful impact on sustainability across multiple industries – from manufacturing to transportation.”
With this latest round of funding, Infinitum Electric plans to expand high-volume production out of its facility in Tijuana, Mexico and will double its US workforce in 2022 with an additional 50 employees across its Round Rock and Spokane, Washington offices. Infinitum Electric also moved its headquarters to a larger facility in Round Rock, Texas to support the company’s rapid growth and expanding operations.
To learn more about Infinitum Electric motor for EV market, visit www.infinitumelectric.com.