Chevron Technology Ventures invests in Infinitum Electric as part of its low-carbon initiative
AUSTIN – Infinitum Electric, a leading motor technology company delivering IoT-enabled electric motors, announced today that it has closed a $12.5 million Series B round of financing. This follows a successful Series A round completed in January, bringing total funding to $15.2 million. The Series B round was led by Cottonwood Technology Fund and includes participation from Chevron Technology Ventures, AJAX Strategies and other individual investors.
“Infinitum’s mission aligns well with our goals for the Future Energy Fund,” said Barbara Burger, President, Chevron Technology Ventures. “The purpose of the Future Energy Fund is to invest in breakthrough energy technologies that reflect Chevron’s commitment to lower emission energy sources and that are integral to low-carbon and efficient value chains.”
Infinitum will leverage the new funds to hire in the areas of research and development, engineering, supply chain and production and to open its new global headquarters and manufacturing facility in the Austin, Texas area. With six patents in hand and a further 15 pending, Infinitum’s motor technology provides advantages in a wide range of market segments including HVAC, oil and gas, and aerospace. The unique modularity of Infinitum’s motors allows the company to address power ranges from 100HP to 1,000HP and beyond.
“Our patented motor technology will completely transform the electric motor market, a market that has changed very little since inception more than 100 years ago,” said Ben Schuler, CEO, Infinitum Electric. “With this latest round of funding, we’re well positioned to replace traditional motors with our breakthrough motor technology, resulting in a smaller, smarter and more efficient offering for thousands of end users.”
Infinitum’s electric motor efficiency exceeds IE5 efficiency, a standard that the industry today considers to be the highest efficiency class. In addition, the customizable design of Infinitum’s motors and generators allows for greater optimization than any other electric motor, resulting in up to 25 percent lower costs, up to 60 percent less weight, as well as superior durability and enhanced IoT connectivity.