On May 17, 2022, Infinitum Electric, a company creating a sustainable, air-core motor, announced $80 million in Series D funding to scale motor production to meet increasing demand. Infinitum Electric’s patented air-core motor design replaces heavy iron used in traditional motors with a lightweight, printed circuit board to generate the same power in half the size and weight, at a fraction of the noise and carbon footprint created by conventional motors. Infinitum Electric will use the investment to vertically integrate and automate production of its motors for the commercial and industrial market segments, and complete development and commercialization of a traction motor for the rapidly growing electric vehicle market, where its breakthrough power density can significantly extend the range of electric vehicles. Wilson Sonsini Goodrich & Rosati represented Infinitum Electric in the transaction.
Riverstone Holdings led the round with Alliance Resource Partners, Applied Ventures, LLC (the venture capital arm of Applied Materials, Inc.), and existing investors Cottonwood Technology Fund, Chevron Technology Ventures, Aventurine Partners, Energy Innovation Capital, and Ajax Strategies participating, bringing the company’s total funding to date to $135 million. Other current shareholders include industry leaders Rockwell Automation and Caterpillar Venture Capital.