A Massachusetts-based charging venture called WiTricity has raised 63 million dollars in a new round of funding. Siemens AG contributed 25 million dollars to the round.
Japan Energy Fund, Mirae Asset Capital, and the investors that had previously invested in the company Stage One, Airwaves Wireless Electricity, and Delta Electronics all participated in the investment.
How will the funding be used?
One year ago, WiTricity raised $52M from investors, including Stage 1 Ventures, Air Waves Wireless Electricity, Mitsubishi Corporation, and Future Shape, among others. The money was raised in 2022.
The investment will help produce and bring wireless charging for electric vehicles and other products to the market faster.
WiTricity has created a truly functional technology platform, supported by a large patent portfolio and universal car standards, according to Alex Gruzen, CEO of WiTricity. This new funding will help speed the creation of both personal and commercial wireless charging systems, as well as progress the development of our V2G technology, allowing parked cars to give power back to the grid.
Wireless charging, and wireless vehicle-to-grid technologies will help the grid become more stable, as the world transitions to autonomous cars.
Commercialising Magnetic Resonance
WiTricity was founded in 2007 at MIT, and is commercializing the use of magnetic resonance to transmit power across distance. The company is working on the technology for use across a variety of vehicles, from passenger cars to commercial vehicles.
Japan Energy Fund and ENECHANGE Ltd CEO Yohei Kiguchi says that with more EVs being purchased in Japan, there is a need for easy charging solutions. WiTricity provides that solution, and Yohei believes that wireless charging will be a big game changer, motivating people to purchase electric vehicles instead of traditional combustion cars.
In 2019, WiTricity acquired the wireless charging patents of Qualcomm Halo. Over 1250 patents have been developed by WiTricity, including this acquisition.
For its customers, the company is now expanding beyond licensing to providing full wireless charging systems. This includes changepoint operators, corporate automotive fleets, and end customers.
Products today use WiTricity technology across a range of watts, from milliwatts to kilowatts. This technology can be found in consumer electronics and even industrial robotics.
Wiferion is a company that provides mobile wireless power supplies for commercial electric vehicles. The US company that originally created the technology recently licensed it to Wiferion.
Kenneth Horowitz is one of the founders of the cellular phone industry, and has been removing wires from people’s lives for decades: first with wireless WiFi, then mobile phones, and more recently with wired charging stations for electric vehicles and other electronics. WiTricity will be the last wire eliminated in Kenneth Horowitz’s brand Air Waves Wireless Electricity.
The current economic status of the world makes electric cars more appealing to people and businesses. Therefore, it is important to make the experience of using an electric car safer, more convenient, and available for everyone.
Jonathan Hwang works at Mirae Asset Capital. He says that wireless charging is essential for reinventing the driving experience with electric cars. WiTricity’s technology is what will enable wireless charging, and Korean drivers expect great convenience, safety, and accessibility with the technology.