Chara Technologies is one of a number of deep tech companies in India redesigning motors to avoid the need for rare-earth magnets. Most vehicles and heavy machinery today, including electric vehicles and renewable energy systems, are produced with ultra-powerful magnets made from so-called “rare earth” elements. Mining them can be environmentally harmful, and the global supply is dominated by China.
Chara has designed about a half-dozen “synchronous reluctance motors” without rare-earth magnets that have the potential to be high-efficiency and lower cost. Its designs work in two-, three- and four-wheel EVs.
The Bangalore-based company raised its Series A round from Arkam Ventures, Exfinity Venture Partners and IIMA Ventures. Kalaari Capital, a Chara seed investor, reupped in the new round.
Chara says its motors have a 30% lower carbon footprint than motors that use rare-earth magnets. They can also be up to 50% more energy efficient and 40% cheaper.
With the Indian government’s push for EV adoption, and a surge of automakers jumping into EV manufacturing, Chara is racing competitors like ABB India, Ola Electric, Simple Energy and Sterling Gtake to design more sustainable and cost-efficient motors.
