Infinitum Electric, an Austin, Texas – based creator of a sustainable, air-core motor, raised $80 million in Series D funding.
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 Rockwell Automation and Caterpillar Venture Capital.
The company intends to use the funds to 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 electric vehicle market. It aims 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.
Led by Ben Schuler, founder and CEO, Infinitum Electric has developed patented air-core motors that are thought to offer superior performance in half the weight and size, at a fraction of the carbon footprint of traditional motors.
Since the launch of its IEs Series of motor systems in 2020, the company 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.
With this latest round of funding, Infinitum Electric plans Infinitum Electric also moved its headquarters to a larger facility in Round Rock, Texas to support the company’s rapid growth and expanding operations.
FinSMEs
17/05/2022