Advanced Electric Machines (AEM), a leader in sustainable motor manufacturing primarily for the automotive industry, has announced it has secured £23 million of new investment. The funding will be used to scale up production capacity at its facility in the Northeast of England, creating 40 new skilled green jobs and bolstering R&D capabilities, while delivering on ambitious growth plans to establish a global sales footprint.
AEM’s motor technologies remove the need for polluting rare earth metals in electric vehicle (EV) motors, the production and processing of which is concentrated in China. By eliminating rare earth permanent magnets, costs as well as reliance on geographically concentrated supply chains are reduced, and recyclability and environmental footprint of the motor is significantly improved.
AEM’s advanced technology will enable leading passenger and commercial electric vehicle manufacturers to reduce their environmental impact and dependence on critical supply chains, without compromising on quality and performance. Historically, engineers have struggled to match the performance of rare earth permanent magnet motors when attempting to develop alternatives. AEM’s technology overcomes these challenges, while reducing the environmental impact.
“Today’s funding announcement clears our path to sustainable growth for years to come,” said Prof. James Widmer, CEO and co-founder of Advanced Electric Machines. “It is a vote of confidence from the market in our vision, our technical capabilities, and our mission to rid EV motors of harmful and problematic materials. Everyone at AEM and our new partners are excited for the role we are now able to play in making the electric vehicle sector truly sustainable.”
The Series A funding round was led by Legal & General Capital and Barclays Sustainable Impact Capital with significant additional investment from Par Equity. Other investors included Northstar Ventures, the Low Carbon Innovation Fund 2 and Turquoise Capital LLP.
