UK firm AEM has successfully received £23 million ($29 million) in a Series A fundraising round, marking a key milestone for the electric vehicle (EV) sector.
The UK firm Advanced Electric Machines (AEM) has successfully received £23 million ($29 million) in a Series A fundraising round, marking a key milestone for the electric vehicle (EV) sector. The money, which is being provided by Legal & General Capital and the Barclays Sustainable Impact Capital initiative, will help AEM increase the volume at which its ground-breaking electric vehicle motors—which are fully recyclable—are produced. These motors replace rare earth elements and copper.
Based in Washington, England, AEM has already implemented its commercial rare earth-free motors in electric buses and various vehicles across Europe, North America, and Asia. The Series A funding injection will empower the company to expand its production to include EV motors free of both rare earths and copper.
The newly developed EV motors, devoid of copper, are poised to enhance the range of electric vehicles by a minimum of 10%, according to AEM CEO James Widmer. This advancement aligns with the growing demand for sustainable solutions in the automotive sector and positions AEM as a key player in the pursuit of cleaner and more efficient electric mobility.
AEM has already entered into collaboration with Volkswagen’s luxury brand, Bentley, to develop an EV motor. While specific details about potential customers remain undisclosed, Widmer confirmed that active conversations are underway with automakers in Europe and beyond.
This underscores the industry’s push towards reducing or eliminating rare earth content in EV motors, especially as China currently dominates the mining and processing of these metals.
One of AEM’s distinctive features is its commitment to sustainability. Motors made with rare earth permanent magnets typically contain around 10 kilograms of copper.
In contrast, AEM’s alternative, rare earth and copper-free motors on the market can contain double that amount. AEM’s motors, constructed with aluminum and steel, offer an easily recyclable solution, as they can be melted in a furnace without the complications associated with copper recycling.
James Widmer emphasized AEM’s dedication to sustainability as a driving force behind attracting significant investments. With the successful funding round, AEM aims to play a pivotal role in advancing environmentally friendly EV technology and contributing to the ongoing global efforts to transition towards cleaner mobility solutions.
AEM’s breakthrough in developing rare earth and copper-free EV motors, coupled with substantial funding support, signals a transformative step towards a more sustainable and recyclable future for electric vehicles. The company’s innovations align with the broader industry shift towards eco-friendly mobility solutions, showcasing the pivotal role of startups in driving positive change in the automotive sector.