Thursday, May. 14, 2020, 10:22 AM
Inmotive, which produces the patent-protected Ingear two-speed transmission for electric vehicles, has closed a $7.5-million Series A round of funding.
For Toronto-based Inmotive, the investment means the company is a step closer to helping plug-in electric vehicles become lighter and less expensive in addition to improving their range and performance.
Existing investor Up Capital Ltd. led the round of funding, which is a combination of equity and debt conversion.
Inmotive says its Ingear transmission system is “ultra-efficient” and extends EV range by 10% (WLTP) at low additional cost and weight. It also provides continuous torque during smooth shifts. The company said the transmission system’s design is “highly reliable” and increases torque, acceleration, gradeability and top-speed.
Inmotive founder and chief executive officer Paul Bottero said cleantech companies have faced challenges in raising capital because of COVID-19.
“So the timing of this investment demonstrates high confidence in our team, technology and strategy,” Bottero said in a news release.
Bottero continued, “With this infusion of funds, Inmotive can achieve its 2020 goals of producing Ingear units ready for external testing and engaging with electric vehicle manufacturers globally.”
Inmotive said its 2-speed Ingear transmission addresses the problem of the hampered adoption rate of EVs because of range anxiety, performance issues and high cost. The transmission provides double-digit performance improvements and allows for cost reduction by downsizing batteries and other components.
Because it reduces capital and operating costs of EV ownership, the Ingear will accelerate the global adoption of EVs, according to the company.