Infinitum Electric raises $40 million in C-round to further develop electric vehicle motors
May 25, 2021 – Cottonwood Technology Fund is happy to announce a $40 million C-round for portfolio company Infinitum Electric, which is disrupting the electric motor industry with its innovative design. Their printed circuit boards will replace the iron components and encase the copper that were historically used in electric motors, thus reducing their size, weight and cost.
Silicon Valley-based Energy Innovation Capital led the C-round. Infinitum Electric’s existing investors Cottonwood Technology Fund, Chevron Technology Ventures and Ajax Strategies also participated. Infinitum Electric will use the fresh capital to expand the production of its IEs Series motors for commercial and industrial applications, and to complete the development of its IEm Series motors for the rapidly growing electric vehicle market. Furthermore, the company will double its 30-person workforce during the next six months with roles in engineering, operations, manufacturing and supply.
“On average, our motors are 10 percent more efficient than traditional electric motors overall,” said Ben Schuler, CEO of Infinitum Electric. “If all motors in the world were Infinitum Electric motors, we would reduce electricity consumption by 1.2 trillion kilowatt hours every year, and eliminate 860 million metric tons of carbon dioxide every year.”
“The innovative technology approach and pragmatic design of Infinitum Electric has resulted in a motor made for the next 100 years. Environmental, Social and Governance (ESG) is an important business driver. As the world adds 800 million motors annually, Infinitum Electric is positioned to make machines we rely on more sustainable,” said Kevin Skillern, Managing Partner at Energy Innovation Capital.
Infinitum Electric currently has 10 customers, including Twin City Fan Companies (fan manufacturer), Acme Engineering & Manufacturing Corporation (fan, blower and ventilation equipment manufacturer), and Comefri USA Inc. (fan and blower manufacturer).
Cottonwood’s follow-on investment in Infinitum Electric is the fourth investment made from its new Fund III. Other investments made from Cottonwood Technology Fund III include mPower Technology (flexible solar cells), Sencure (biometric sensor chips) and a follow-on investment in BayoTech (on-site hydrogen production).
About Cottonwood Technology Fund
Cottonwood Technology Fund is a top-decile performing early-stage venture capital fund. Its investment focus is on hard science and deeptech, providing (pre-)seed and early-stage funding to IP-driven companies.
Cottonwood makes impact investments in Key Enabling Technologies, like Photonics, Micro- & Nanoelectronics, Advanced Materials & Nanotechnology, Medical Technology, Cleantech/ Energy Transition, Advanced Manufacturing & Robotics. Cottonwood recently launched its third fund focused on businesses originating across Southwest USA and Northwest Europe, including numerous national laboratories, major research universities and research centers. Current and prior investments include Skorpios Technologies, FibeRio (acquired by Clarcor), xF Technologies, Eurekite, Sarcos Robotics, BayoTech, Sencure, Respira Therapeutics, Infinitum Electric, TriLumina (acquired by Lumentum), SoundEnergy, OPNT and Exagen (NASDAQ: XGN). For more information, please visit www.cottonwood.vc.
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. For more information, please visit our website: www.infinitumelectric.com