The English Advanced Electric Machines (AEM) has recently raised EUR 26.3 Mln in a Series A to tackle detrimental material usage in the automotive industry. The financing round was driven by Legal & General Capital and Barclays Sustainable Impact Capital, with huge additional investments by Par Equity.
Established in 2017, AEM specializes in the development and production of sustainable electric motors and powertrain systems, designed to eliminate the need for rare-earth magnets and cooper windings. Their technology not only delivers performance and efficiency comparable to permanent magnet motors but also addresses the cost concerns and reduces dependence on geographically concentrated supply chains.
The funding round was led by Legal & General Capital, Barclays’ Sustainable Impact Capital and Par Equity, together with Northstar Capital, the Low Carbon Innovation Fund and Turquoise Capital Llp. The funds will be used to expand production capacity, foster their product lines, enhance their R&D department, and implement a global sales and service footprint.