ImpactAlpha, November 27 – The green transition has so far depended on intense mineral extraction. Each standard electric vehicle requires nearly 4.5 pounds of rare earth magnets (not to mention each EV battery requires nearly 20 pounds of lithium.)
“The only way to eliminate this problem is to eliminate the rare earths in motors entirely,” writes the team at Advanced Electric Machines, a UK-based company that’s building more sustainable motors for EVs, industrial machinery and railway systems.
The company’s EV motor systems eliminate magnets and copper, relying instead on steel and aluminum that can be reclaimed and recycled. AEM is producing a lightweight motor for small commercial vehicles, and developing one for passenger vehicles. Several UK railway operators use its motors in limited capacities.
The company’s £23 million ($29 million) equity round was led by Legal & General Capital and Barclays Sustainable Impact Capital. Par Equity, Northstar Ventures, the Low Carbon Innovation Fund, and Turquoise Capital also participated. Funding will be used for its manufacturing facility in North East England.
AEM was launched in 2017 from Newcastle University’s electric motor research team.