Infinitum, an EV air-core motor manufacturer, has expanded its Series E financing round with $35 million in funding from Marunouchi Innovation Partners and Rice Investment Group.
The additional funding brings the company’s total Series E funding to $220 million, and will be used to scale the company to meet customer demand. Infinitum says its air-core motor systems can sustainably power energy-intensive applications used in data centers, hospitals and buildings, as well as logistics, manufacturing and industrial facilities with less electricity, carbon emissions and waste.
The implementation of advanced motor technology in the US industrial and commercial sectors has the potential to save 127 terawatt-hours per year (TWh/yr), translating into cost savings of $14.7 billion and reductions of 90.2 million metric tons of CO2, according to a report prepared for the US Department of Energy.
“Millions of electric motors are needed each year to power AI, cool our buildings and electrify industrial workloads and it’s critical for the planet that we choose to implement advanced, high-efficiency motors rather than conventional motors,” said Ben Schuler, CEO of Infinitum. “We look forward to further expanding our company to meet customer demand and accelerate production of our motor systems.”
Source: Infinitum
