AEM raises GBP 23 million in funding to develop metal-free EV motors
By Luke Willetts - 4th January 2024
AEM's HDSRM electric motor
UK – Advanced Electric Machines Ltd (AEM) based in Washington, UK, has announced it has secured GBP 23 million in funding to ramp up the development and production of its EV motors, which contain no rare earth metals; consequently, AEM claims the motors will be entirely recyclable.
Series A funding was led by UK-based asset management firm, Legal & General and Barclays Sustainable Impact Capital. The capital is to be invested in its factory in the North East, creating 40 new jobs over the next two years. According to AEM, the capital will enable the company to start producing copper-free EV motors for both passenger and commercial vehicles.
