Infinitum ElectricAnonymous Austin, Texas – based creator of a sustainable, air-core motor, raised $80 million in Series D funding.
Riverstone HoldingsThe round was led by Alliance Resource Partners, Applied Ventures, LLC, the venture capital arm of Applied Materials, Inc., and existing investors Cottonwood Technology Fund, Chevron Technology Ventures, Aventurine Partners, Energy Innovation Capital Ajax Strategies participating, bringing the company’s total funding to date to $135 million. OtherCurrent shareholders include Rockwell Automation Caterpillar Venture Capital.
TheThe company plans to use the funds for integration and automation of production of its motors for industrial and commercial markets segments, as well as complete development and commercialization for a traction motor for electric vehicle market. ItThe facility will be used to increase high-volume production. in Tijuana, MexicoIt will double its US workforce in2022 with an additional 50 workers across its Round Rock Spokane, Washington offices.
LedBy Ben SchulerFounder and CEO Infinitum ElectricAir-core motors are patentable and offer superior performance. inTraditional motors are half the weight and half the size. They also have a smaller carbon footprint.
SinceThe launch of its IEs SeriesMotor systems in2020: The company has secured customer contracts worth more than $900million inPotential orders from a variety of companies inHeavy industry, manufacturing, HVAC, and transportation.
WithThis is the latest round of funding. Infinitum ElectricPlans Infinitum ElectricAlso, the company moved its headquarters to a larger facility. in Round Rock, Texas to support the company’s rapid growth and expanding operations.