Advanced Electric Machines (AEM), a Washington, England, UK-based in sustainable motor manufacturing primarily for the automotive industry, secured £23M in Series A funding.
The round was led by Legal & General Capital and Barclays Sustainable
Impact Capital with significant additional investment from Par Equity. Other investors included Northstar Ventures, the Low Carbon Innovation Fund 2 and Turquoise Capital LLP.
The company intends to use the funds to scale up production capacity at its facility in the North East, establish a global sales footprint, and bolster R&D capabilities.
Led by CEO, Dr James Widmer, and CTO, Dr Andy Steven, AEM has developed motor technologies that remove the need for polluting rare earth metals in electric vehicle (EV) motors, the production and processing of which is concentrated in China. Its technology will enable passenger and commercial electric vehicle manufacturers to reduce their environmental impact and dependence on critical supply chains, without compromising on quality and performance.
AEM technologies are covered by 46 international patents protecting their motor designs
and manufacturing processes around the world.
FinSMEs
23/11/2023