Washington, England, UK — Advanced Electric Machines (AEM), a leading innovator in sustainable electric motor manufacturing, has successfully secured £23 million in Series A funding. This substantial investment was spearheaded by Legal & General Capital and Barclays Sustainable Impact Capital, with significant additional participation from Par Equity. Northstar Ventures, the Low Carbon Innovation Fund 2, and Turquoise Capital LLP further contributed to this funding round.
This substantial financial backing will empower AEM to scale up production capacity at its facility in the North East of England, establish a global sales presence, and bolster its research and development capabilities. The company is poised to revolutionize electric motor manufacturing by developing groundbreaking technologies that eliminate the need for environmentally damaging rare earth metals in electric vehicle (EV) motors.
Traditionally, the production and processing of rare earth metals, which are crucial components in EV motors, have been primarily centered in China, raising concerns about environmental impact and supply chain vulnerabilities. AEM’s pioneering technologies directly address these challenges by enabling passenger and commercial electric vehicle manufacturers to reduce their environmental footprint and reliance on critical supply chains, without sacrificing quality or performance.
“We are thrilled to have secured this significant funding, which will propel our growth and enable us to bring our groundbreaking technologies to market on a large scale,” stated Dr. James Widmer, CEO of Advanced Electric Machines.
“Our overarching goal is to transform the electric motor industry by creating sustainable and high-performance solutions that contribute to a cleaner and more secure future.”
AEM’s technological advancements are safeguarded by a robust intellectual property portfolio of 46 international patents, protecting their motor designs and manufacturing processes worldwide. The company’s unwavering commitment to innovation and sustainability has garnered industry recognition, including the Engineer Magazine’s Collaborate to Innovate awards in both automotive and cross-sector categories.
Deal Table for Advanced Electric Machines
|Dr. James Widmer, CEO
|Legal & General Capital, Barclays Sustainable Impact Capital, Par Equity, Northstar Ventures, the Low Carbon Innovation Fund 2, and Turquoise Capital LLP
|Sustainable Electric Motor Manufacturing