Exploratory start-ups are playing their part in Australia’s bid to be a part of the automotive energy future with Kite Magnetics showcasing the latest in local innovation.
Kite Magnetics has secured $3.6M in funding from SQM Lithium Ventures to advance a product called Aeroperm, a product it says increases the efficiency of electric motors, enabling electric vehicles to travel farther on a single charge.
The revolutionary nanocrystalline magnetic material designed to enhance the efficiency of electric motors and generators, it says, and aims to reduce OEM production costs.
Cost and rage of EVs remain among their biggest barriers to consumers according to multiple surveys but the global industry has been striving not only to produce batteries with more range but also bring the overall cost of EVs down.
Kite Magnetics which began as a research based body at Victoria’s Monash University is now branching out with the new funding will helping to build pilot production facilities for Aeroperm.
Founder and CEO of Kite Magnetics Dr Richard Parsons says he looks forward to hiring key strategic staff and expand Kite Magnetics’ global presence to better serve customers around the world.
“We are excited to partner with SQM Lithium Ventures, alongside our other investors. Their support will help us scale our technology to revolutionise electric vehicles,” Parson says.
“By increasing range and reducing mass, we’re not just making electric vehicles drive further, we’re making them cheaper and more sustainable, accelerating adoption.”
Kite’s proprietary materials technology is based on revolutionary work conducted at Monash University by Professor Kiyonori Suzuki, within the Faculty of Engineering. It reduces energy losses in stator cores by up to 97 per cent while also being the world’s first material of its type to allow direct replacement of stator cores with no loss of performance, he said in a statement.
Nurturing innovation
Monash University’s Chief Commercialisation Officer Dr Alastair Hick has welcomed the investment.
“This investment from SQM confirms their commitment to innovative and sustainable technologies and their belief that Kite Magnetics’ groundbreaking advancements will have a significant impact on the industry,” Hick says.
Dr Ingmar Wahlqvist, Senior Director of New Ventures and Investments at Monash University, says it is a great example the university translating research into innovative and commercially-viable outcomes.
“Support from international venture capital firms like SQM Lithium Ventures highlights the strategic importance of Australian research in the clean tech and electrification sector’s growth,” Wahlqvist says.
“This funding will enable Kite Magnetics to scale globally, reduce environmental impact, and enhance consumer adoption of electric vehicles,”
SQM’s participation is part of a larger round which included investment from Monash via Monash Investment Holdings.