Infinitum Electric, an Austin, Texas-based creator of an air-core motor, raised $40m in Series C funding.
The round was led by Energy Innovation Capital with participation from existing investors Cottonwood Technology Fund, Chevron Technology Ventures and Ajax Strategies. Rockwell Automation also purchased an equity stake in Infinitum Electric, bringing the company’s total funding to date to $55m.
The company intends to use the funds to expand production of its IEs Series motors for commercial and industrial applications and complete development of its IEm Series motors for the electric vehicle market.
Led by Ben Schuler, founder and CEO, Infinitum Electric has developed air-core stator technology which allows for smart and light electric motors and generators. After being introduced in 2020, the company’s motors have gained traction among commercial HVAC, industrial, and automotive suppliers developing new products with environmental sustainability and efficiency in mind.
FinSMEs
26/05/2021