Enedym, the technology company that develops next generation electric propulsion and electrified powertrains, has announced a $15 million financing round from an international group of strategic investors within the U.S., Canada, Europe, and India; including P&A Paletta Giving Inc., TRIO Capital Group Inc., Napino Group, KWG Capital Inc., Pathfinder Asset Management Limited, and others.
The new investment will be used to accelerate Enedym’s patented motor development technology and increase its footprint within electric motor market.
“Enedym has a completely transformative solution within the transportation electrification segment that builds on its comprehensive IP, its powerful digital design tools, and its high-profile strategic mass production partnerships around the world. Dr. Emadi and the Enedym team have unmatched research and industry expertise that uniquely positions the company to capitalize on the sizeable electric motor market opportunity. We are thrilled to support Enedym as they grow,” said Paul Paletta, President of TRIO Capital Group Inc.
“A decade ago, Dr. Emadi established a world-leading research program to disrupt the design of electric motors,” said Karen Mossman, McMaster University’s vice-president, research. “His team’s success has been remarkable and, in just a few short years, since the transfer of this technology to Enedym, they have developed innovative and software tools that will enable rapid transformation across multiple industries.”
“Napino group has continuously endeavoured to invest in disruptive and pioneering electric vehicle technologies to promote green and sustainable future. Napino believes that Enedym’s patented SRM technology is a strong alternative to the conventional motor technologies. This innovative solution also reduces the over dependency on rare earth magnets and sourcing challenges associated with it,” added Vaibhav Raheja, Joint Managing Director, and Naveen Kumar, CEO, Napino Group, in a joint statement.
“We are excited to welcome our new investors. 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, President, and CEO of Enedym.
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