Enedym, a developer of electrified powertrains, has secured $15 million in new financing from an international group of investors. The company will use the new investment to accelerate its motor development and increase its footprint in the electric motor market, focusing on OEMs in the automotive, micromobility, wind farm and industrial markets.
Enedym builds switched reluctance motors (SRMs), which require no rare earth permanent magnets. According to the company, its SRMs are potentially as much as 40% less expensive than competing designs. They also feature high efficiency at high speeds, fault-tolerant operation, and the ability to operate in harsh environments and at high temperatures. SRMs have traditionally faced challenges in the areas of acoustic noise, torque ripples and power density, but Enedym claims to have addressed these problems.
“Having the financial and strategic support of these sophisticated investors both validates our market opportunity and strengthens our momentum as a company,” said Dr. Ali Emadi, founder and CEO of Enedym. “This investment will help us ramp up our operations and grow our team.”