Founded in 2007 and holder of numerous patents related to remote wireless energy transfer, WiTricity has just completed a $63 million round of financing, including $25 million from the German group Siemens. The amount of $176 million was raised since its creation by the American firm, which is now benefiting from the growth of the electric vehicle market, the efforts of governments around the world for electrification – including in the United States – and the demand for improved recharging solutions for electric vehicles.
WiTricity’s latest round of funding also included Japan Energy Fund, Mirae Asset Capital and existing investors such as Stage One, Airwaves Wireless Electricity and Delta Electronics.
WiTricity was founded by MIT to commoditize the use of magnetic resonance for remote power transmission at any power level. The company, which has a portfolio of more than 1,250 patents, had also acquired several technology platforms and patents associated with wireless charging of electric vehicles.
In addition to marketing licenses, WiTricity is now providing complete wireless charging solutions to automakers, charging infrastructure operators and end users. The stakes are high, as in a recent survey, 96% of electric car buyers indicated that they wanted wireless charging capabilities on their next vehicle, a significantly higher percentage when compared to other options such as parking assistance, autonomous driving features, and design, both interior and exterior.
WiTricity’s wireless charging technology, which covers powers ranging from milliwatts to tens of kilowatts, is also used in consumer electronics products and industrial robots and is also of interest to the electric scooter and bicycle market.
Author Iryna Tessard