Siemens invests in WiTricity – acquires minority stake
Siemens has made a strategic investment in US-based WiTricity and will licenses their technology for future wireless EV charging products.
Siemens is investing USD 25 million and acquiring a minority stake in wireless charging technology company, WiTricity.
The companies will work together to drive innovation in the emerging market for wireless EV charging. This market is expected to reach USD 2 billion by 2028 in Europe and North America alone, according to Siemens’ calculations.
The aims is to bridge the gaps in the global standardisation of wireless charging for electric passenger and light-duty commercial vehicles, to enable interoperability between vehicles and infrastructure. In addition, both parties will collaborate to advance the technical development of wireless charging systems.
“Combining Siemens’ global footprint and EV charging portfolio with WiTricity’s innovative technology is the first step towards elevating our offering in the wireless charging space. This will speed up deployment of wireless charging technology, support standardization, and advance public charging infrastructure with interoperable solutions for drivers’ convenience,” says Markus Mildner, CEO of Siemens eMobility, in a press release.