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ENGLAND – Advanced Electric Machines (AEM), a pioneering firm based in England’s industrial northeast, has secured a significant £23 million in Series A funding. This financial boost, led by Legal & General Capital and Barclays Sustainable Impact Capital, is earmarked to enhance the company’s North East production facility. The investment will allow AEM to increase its output and create 40 new skilled green jobs.

The funding comes at a crucial time for the electric vehicle (EV) industry as it seeks to reduce its reliance on rare earth metals, which are predominantly sourced from China. AEM is at the forefront of this shift with its development of sustainable electric motors, including a copper-free motor and a Switched Reluctance Drive (SSRD) designed for passenger EVs. These innovations were developed in collaboration with Innovate UK and represent a significant advancement in R&D for sustainable motor solutions.

AEM’s CEO Widmer highlighted the company’s ongoing negotiations with automakers and noted a collaboration with luxury car manufacturer Bentley. This partnership underscores the industry’s search for alternative materials that can improve the environmental sustainability of EVs.

The new funding will not only expand global sales but also augment the production of recyclable aluminium and steel motors. These motors are already being used commercially around the world and have been shown to improve EV range by over 10%. This improvement is a key selling point as automakers strive to extend the distance their vehicles can travel on a single charge.

In addition to the financial investment and strategic business developments, Steven Poulter will join AEM’s Board, bringing his expertise to guide the company through this pivotal growth phase. His experience will be invaluable as AEM navigates the expanding market for environmentally friendly EV components.

The investment in AEM underscores a growing trend in the automotive industry towards greener technologies and reflects broader efforts to address climate change through innovation in transportation. With this substantial capital injection, AEM is poised to become a leader in the production of sustainable EV motors on a global scale.

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Original: Stock Market News: AEM secures £23 million for sustainable EV motor production By Investing.com