Austin EV startup Infinitum Electric raises $80M for hires, R&D
Inside an Infinitum Electric motor. The Round Rock-based company expects to ship its first products in mid-2020. Courtesy of Infinitum Electric
By Brent Wistrom – Austin Inno, Senior Editor
As gas prices soar, a local startup building more efficient electric motors has landed a big round of investment to help it develop a next generation traction motor for the electric vehicle market.
Infinitum Electric, an air-core motor company founded in 2016, said May 17 it has raised $80 million in series D funding to expand production of its cornerstone motor, as well as development of new ones. That brings its total funding to $135 million.
The new round was led by Riverstone Holdings LLC, a growth equity firm based in New York. Other backers included Alliance Resource Partners, Applied Ventures and the company’s early investors: Cottonwood Technology Fund, Chevron Technology Ventures, Aventurine Partners, Energy Innovation Capital and Ajax Strategies. Rockwell Automation and Caterpillar Venture Capital also have stakes in the company.
Ben Schuler, CEO of Infinitum Electric, said the company has 22 full-time workers and “a handful of contractors.” He plans to expand the workforce 50 to 55 by the end of 2021. Infinitum Electric
Aside from R&D, the new money will help the company hire about 50 employees at its headquarters in Round Rock at 700 Jeffrey Way, as well as its Spokane offices. The company also plans to expand its production facility in Tijuana.
“As industrial equipment, cars, aircraft and buildings are rapidly electrifying, our revolutionary motor systems offer a path forward to reduce electricity demand and carbon footprint,” founder and CEO Ben Schuler stated.
Infinitum’s air-core motor is built to replace older model motors for industrial HVAC units, as well as vehicles. They use lightweight materials, printed circuit boards and other technologies to reduce noise and carbon output.
The company is part of Austin’s EV boom, which includes giants such as Tesla and several small- to mid-sized companies such as Hyliion, Ayro and Volcon, as well as several companies, such as REE Automotive, that have hubs here.