The British startup Advanced Electric Machines (AEM) has secured an impressive £23 million ($29 million) funding injection to accelerate the production of their revolutionary electric vehicle (EV) motors. Unlike conventional EV motors, AEM’s motors are fully recyclable and do not rely on rare earth materials. The Series A financing round was led by Legal & General Capital and Barclays Sustainable Impact Capital, both recognized for their investments in climate-focused startups.
Based in Washington, UK, AEM has already introduced its rare earth-free commercial motor in electric buses and other vehicles across Europe, North America, and Asia. With the latest investment, AEM aims to develop an EV motor that eliminates the use of copper, improving efficiency in both passenger cars and commercial vehicles. These motors have the potential to increase the range of an EV by at least 10%.
AEM’s collaboration with Volkswagen’s luxury brand, Bentley, highlights the industry’s enthusiasm for their innovative technology. Although specific details could not be disclosed, CEO James Widmer mentioned that AEM is in active discussions with automobile manufacturers in Europe and other regions.
Automakers worldwide are striving to reduce or eliminate rare earth elements in EV motors, as China currently dominates their extraction and processing. Conventional EV motors containing permanent rare earth magnets usually consist of around 10 kilograms (22 pounds) of copper. In contrast, AEM’s rare earth-free alternatives can contain twice that amount. The substantial copper content in conventional motors poses recycling challenges due to its similar melting point to steel. However, AEM’s motors, made of steel and aluminum, can be easily recycled by melting them in a furnace.
AEM’s commitment to sustainability has attracted significant interest from investors. CEO James Widmer expressed his enthusiasm for the support of these visionary investors, emphasizing the company’s dedication to promoting environmental responsibility.
Frequently Asked Questions
Q: What makes AEM’s electric vehicle motors unique?
A: AEM’s electric vehicle motors are fully recyclable and do not rely on rare earth materials.
Q: Who led the Series A financing round for AEM?
A: Legal & General Capital and Barclays Sustainable Impact Capital led the financing round.
Q: Which automakers are interested in AEM’s EV motors?
A: While Bentley is a confirmed partner, AEM is currently in active discussions with European and other regional automakers.
Q: How does AEM’s technology contribute to sustainability?
A: AEM’s motors, made of steel and aluminum, can be easily recycled, making them more environmentally friendly compared to conventional motors that contain copper.
Q: What is the potential benefit of AEM’s EV motors?
A: AEM’s motors have the potential to increase the range of an electric vehicle by at least 10%.