WiTricity, a Watertown, MA-based provider of EV charging solutions, completed a new funding round of $63m.
The round was anchored by a $25m investment from Siemens AG, with participation from Japan Energy Fund, Mirae Asset Capital, and returning investors Stage One, Airwaves Wireless Electricity, and Delta Electronics, among others.
The company intends to use the funds to accelerate product to market for both passenger and commercial wireless charging, and speed the development of its always-available wireless V2G capabilities allowing parked EVs to return power to the grid.
Led by Alex Gruzen, CEO, WiTricity is advancing magnetic resonance technology across passenger and commercial vehicles alike. The company’s technology, backed by an extensive patent portfolio, is the foundation for ratified global EV wireless charging standards including SAE, ISO and GB. Automakers and Tier 1 suppliers use it to accelerate the adoption of EVs by eliminating the hassle of plug-in charging, enabling always-available wireless V2G, and setting the stage for future autonomy. Beyond EVs, WiTricity technology is essential to the wireless charging of all products, from consumer electronics to micro-mobility to robotics.
The company, founded out of MIT in 2007 to commercialize the use of magnetic resonance to transmit power over distance at any power level, has developed a global patent portfolio, over 1250 issued patents, including the acquisition of the wireless charging assets of Qualcomm Halo in 2019. WiTricity is now expanding beyond licensing to delivering full wireless charging solutions for its customers including global OEMs fleets, changepoint operators, and end customers.
FinSMEs
09/08/2022