July 16, 2024 10:00 AM Eastern Daylight Time
AUSTIN, Texas–(BUSINESS WIRE)–Infinitum, creator of the sustainable air-core motor, today announced it has extended its Series E with $35 million in funding from Marunouchi Innovation Partners and Rice Investment Group. The additional funding brings the company’s total Series E funding to $220 million, and will be used to scale the company to meet customer demand and drive decarbonization.
Infinitum’s air-core motor systems can sustainably power energy-intensive applications used in data centers, hospitals and buildings, as well as logistics, manufacturing and industrial facilities with less electricity, carbon emissions and waste.
“We believe Infinitum’s sustainable air-core motors are a proven climate tech solution with significant customer traction that can make an immediate impact in reducing electricity consumption across a broad range of applications,” said Ichiro Miyoshi, CEO and Chief Investment Officer, Marunouchi Innovation Partners. “We look forward to bolstering the company’s rapid acceleration and decarbonization efforts to support our goals of achieving a carbon neutral society.”
When compared to traditional motors, the Infinitum motor system consumes 10-65% less energy, is 50% smaller and lighter and uses 66% less copper. Infinitum’s motor systems have an integrated variable frequency drive and can be customized to meet an application’s specific power and torque requirements to reduce strain on the electric grid by drawing less power. Infinitum motor systems use fewer raw materials in manufacturing and modular design allows for motors to be easily serviced, repaired, remanufactured or recycled to keep motors in service and out of landfills.
The implementation of advanced motor technology in the US industrial and commercial sectors has the potential to save 127 terawatt-hours per year (TWh/yr), translating into cost savings of $14.7 billion and reductions of 90.2 MMT of CO2, according to the U.S. Department of Energy.
“Millions of electric motors are needed each year to power AI, cool our buildings and electrify industrial workloads, and it’s critical for the planet that we choose to implement advanced, high-efficiency motors rather than conventional motors,” said Ben Schuler, founder and CEO, Infinitum. “We look forward to further expanding our company to meet customer demand and accelerate production of our sustainable motor systems.”
About Marunouchi Innovation Partners
Marunouchi Innovation Partners (MIP) is an investment company dedicated to achieving a carbon-neutral society. As a joint venture between Mitsubishi Corporation, MUFG Bank and Pavilion Private Equity, it combines extensive industry experience and investment capabilities, to support the commercialization and scaling of growth stage companies that contribute to decarbonization. MIP manages the Marunouchi Climate Tech Growth Fund L.P, which targets a wide range of climate tech technologies, including next generation energy, renewables, batteries/electrification, carbon reduction and others. Together with our investors and partners, MIP will support companies alongside their journey of global expansion and contribute to the decarbonization of the world from Japan.
About Rice Investment Group
Rice Investment Group (Rice, RIG) is a multi-strategy investment fund backed by the Rice family. The Rice family founded Rice Energy, an Appalachian Basin focused natural gas operator that later merged with EQT Corporation to form the largest natural gas producer in North America. RIG invests in all verticals of the energy sector and focuses on situations where its technical, operational, and strategic expertise can add shareholder value. Rice has also sponsored two SPACs, Rice Acquisition Corp I (combined with Archaea Energy and Aria Energy, later sold to bp for $4 billion) and Rice Acquisition Corp II (combined with NET Power for $1.5 billion, NYSE: NPWR). For more information, visit www.riceinvestmentgroup.com.
About Infinitum
Infinitum has raised the bar for a new generation of motor that is better for the planet and people. The company’s patented air-core motors offer superior performance in half the weight and size, at a fraction of the carbon footprint of traditional motors, making them pound for pound the most efficient in the world. Infinitum motors open up sustainable design possibilities for the machines we rely on to be smaller, lighter and quieter, improving our quality of life while also saving energy and reducing waste. Based in Austin, Texas, Infinitum is led by a team of industry experts and pioneers. To learn more, visit goinfinitum.com.
Contacts
Media Contact
Erin Gilmore
Activate PR on behalf of Infinitum
[email protected]
512-466-4559