New funding will enable the motor innovator to deliver its breakthrough motors with an expanded employee base and new Austin-area manufacturing facility.
AUSTIN, Texas–(BUSINESS WIRE)–Infinitum Electric, a leading motor technology company delivering ultra-high-efficiency, durable, lightweight and IoT-enabled electric motors, built with patented printed circuit board stator technology and integrated motor controls announced today that it has closed a $12.5 million Series B round of financing. This follows a successful Series A round completed in January, bringing total funding to $15.2 million. The Series B round was led by Cottonwood Technology Fund (CTF) and includes participation from Chevron Technology Ventures (CTV), AJAX Strategies and other individual investors.
Infinitum will leverage the new funds to hire in the areas of research and development, engineering, supply chain and production and to open its new global Headquarters and manufacturing facility in the Austin, Texas area. With six patents in hand and a further 15 pending, Infinitum’s motor technology provides advantages in a wide range of market segments including HVAC, oil and gas, and aerospace. Infinitum’s initial focus is on 1HP to 30HP commercial and industrial air-moving applications in the HVAC space, with three customer contracts already inked with the industry’s most well-respected fan and blower OEMs. Ultimately, the unique modularity of Infinitum’s motors allows the company to address power ranges from 100HP to 1,000HP and beyond.
“Since participating in the Series A round in December, we’ve seen Infinitum advance tremendously. They’ve added key leaders to the team, signed multiple customer contracts and are prepared to ramp their own manufacturing facility,” said Dave Blivin, managing director, CTF. “We’re proud to have led the Series B round, and we’re excited to see Infinitum attract the support of leading investors who will further enhance their success in the growing electric motor industry — one that is ripe for the type of disruptive innovation Infinitum provides.”
“Our patented motor technology will completely transform the electric motor market, a market that has changed very little since inception more than 100 years ago,” said Ben Schuler, CEO, Infinitum Electric. “With this latest round of funding, we’re well positioned to replace traditional HVAC motors with our breakthrough motor technology, resulting in a smaller, smarter and more efficient offering for thousands of HVAC end users.”
“Infinitum’s mission aligns well with our goals for the Future Energy Fund,” said Barbara Burger, President, Chevron Technology Ventures. “The purpose of the Future Energy Fund is to invest in breakthrough energy technologies that reflect Chevron’s commitment to lower emission energy sources and that are integral to low-carbon and efficient value chains.”
Infinitum’s electric motor efficiency exceeds IE5 efficiency, a standard that the industry today considers to be the highest efficiency class. In addition, the customizable design of Infinitum’s motors and generators allows for greater optimization than any other electric motor, resulting in up to 25 percent lower costs, up to 60 percent less weight, as well as superior durability and enhanced IoT connectivity.
About Infinitum Electric
Infinitum Electric was born in 2016 by founders with decades of experience and a deep understanding of how electrification will impact the world. Infinitum Electric’s mission is to disrupt the way electric machines consume and create electricity. The company’s patented printed circuit board stator technology forever changes the electric motor landscape, allowing for light weight, lower cost electric motors and generators with unparalleled efficiency and durability.
About Cottonwood Technology Fund
CTF is a seed and early-stage technology commercialization fund with offices in Santa Fe, New Mexico; and Enschede, the Netherlands. It invests in founding stage technology-related (particularly telecom, chemistry/material sciences, photonics, biosciences, robotics and new energy) businesses originating throughout the Southwest region of the US and also in Northern Europe. Visit www.cottonwood.vc for more information.
About Chevron Technology Ventures
Formed in 1999, Chevron Technology Ventures (CTV), operating as a division of Chevron U.S.A. Inc., pursues new business solutions and externally-developed technologies that have the potential to enhance the way Chevron produces and delivers affordable, reliable and ever-cleaner energy. CTV fosters innovation, supporting vibrant startup ecosystems and championing technology integration internally. Through its investment portfolio and internal use pipeline that trials technologies for use within Chevron, CTV has supported a wide range of pioneering companies that are helping to shape the future of energy.
Source: https://www.businesswire.com/news/home/20191205005186/en/Infinitum-Electric-Closes-12.5M-Series-B-Round-to-Bring-Disruptive-Motors-to-Market
