The Massachusetts-based technology company, ePropelled, that offers leading-edge electric propulsion systems, announced the closing of the final tranche of a $15 million Series A round of financing from strategic individual investors. Already in revenue with commercially available products, the funding will be used to accelerate continued product innovation and market penetration through expanded sales and marketing.
With a staff of more than 70 people, ePropelled is headquartered in Lowell, Mass., and operates a solutions center in Gilford, N.H., an innovation center in Cardiff, U.K., and an engineering center in Chennai, India. The company has already been granted seven patents and it plans to file 20 more before the end of the year for intellectual property and innovations that support its multiple product lines and markets, including:
- eMobility & Light EV – including its breakthrough Dynamic Torque Switching (eDTS) powertrain system that increases power efficiency in electric vehicles (EVs) by at least 15% and is a scalable design to address the complete market, from motor bikes and three-wheelers to cars and trucks. The company has already signed an agreement with RKFL – a tier 1 international automotive supplier – to develop eAxle products for India’s eMobility market.
- Unmanned Aerial Vehicles – offering the broadest range of electric propulsion and power systems for mission-critical UAV applications, including the industry’s first Hybrid Ready™ mode of operation to provide electric power to internal combustion engines.
- Pumps – variable-speed electric motors for the pool and spa industry that increase efficiency by 10% to meet new regulatory mandates while reducing noise and cost.
EV efficiency is critical: battery packs in EVs account for 30% of the total cost to the consumer and ePropelled’s technology can reduce that by 15%. As examples of its impact, in a 100 km drive cycle test, the ePropelled-powered vehicle had 42% of its battery left while the previous EV motor only had 23%. Or in the best-selling electric vehicle in the U.S., using ePropelled’s technology would cut the car’s weight by 159 pounds and reduce the cost by $1,654.
“The addressable market for our business is expected to reach $18 billion by 2025 and accelerate to over $100 billion by 2030,” said Nick Grewal, CEO and President, ePropelled’. “While EVs are popular, their higher price – driven largely by battery pack costs – is preventing wider adoption and creates a compelling business opportunity we are uniquely positioned to address with our game-changing technology.”