AEM raises $22 million to advance electric motor technologies

UK-based Advanced Electric Machines (AEM) has secured £16 million (nearly USD 22 million) to power next-level electric motor technologies.

The Newcastle University spinout has designed and manufactured a suite of electric motors for a diverse range of transport applications from cars and motorcycles through to heavy-duty trucks, buses and construction machinery. The company's motors eliminate the need for permanent magnets and rare-earth materials, helping customers reduce supply-chain risk while delivering competitive performance, efficiency and cost, according to a press release.

Northstar Ventures has supported the company through several rounds of investment and has deployed capital from both the North East Innovation Fund and the North East Spinout Inspire Fund in this latest round.  

Northstar Ventures invested alongside Barclays Climate Ventures, PXN Ventures and the Low Carbon Innovation Fund, amongst others.

The funds will be used to support the development of an extended range of rare-earth free motors with a focus on heavy commercial vehicle and industrial applications.  

"This funding enables us to accelerate development of our next generation of products and expand our offering into higher-power and higher-torque applications,” James Widmer, CEO and Founder of AEM, said. “We are building on a platform that is already proven in production and designed to help customers strengthen supply-chain resilience while meeting increasingly demanding performance requirements.”

“Ensuring companies at this stage have access to the capital required to scale is vital,” Alex Buchan, Investment Director at Northstar Ventures, said. “Northstar Ventures has worked with AEM through its evolution and has always been committed to backing the companies whose technologies will be the driver of future prosperity.”