Hamilton, Ontario-based Enedym, a motor development technology company, has secured $15 million in financing. The round’s backers include P&A Paletta Giving, TRIO Capital Group, Napino Group, KWG Capital and Pathfinder Asset Management. Enedym’s technology helps reduce the cost of electric propulsion motors.
HAMILTON, Ontario–(BUSINESS WIRE)–Enedym, the technology company that develops next generation electric propulsion and electrified powertrains, today 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 the massive electric motor market, helping OEMs within automotive, micromobility, windfarm, and industrial markets transition to electrification faster and at lower cost.
Headquartered at the McMaster Innovation Park in Hamilton, Ontario, Canada, Enedym is capitalizing on the global megatrend of electrification, and within the rapidly transforming transportation industry. The Company is focused on the digitization of next-generation electric propulsion and electrified powertrains. Enedym has ownership of over 50 patents and significant IP in the space.
“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.”
The Enedym team has developed a disruptive way to design electric motors at a fraction of the time and cost of existing methods. Currently, a significant number of propulsion motors use expensive rare earth metals sourced predominantly from China in their permanent magnets. Enedym motors eliminate these costly magnets and replace them with novel Switched Reluctance Motors (SRMs). By removing the permanent magnets, the replacement SRMs have the potential to reduce the cost of propulsion motors by as much as 40%. Other advantages of SRMs, in addition to a low-cost structure, include high efficiency at high-speeds, fault tolerant operation, and the suitability to operate in harsh environments and at high temperature conditions. While SRMs have traditionally had challenges in the areas of acoustic noise, torque ripples, and power density, Enedym has successfully addressed these problems resulting in motors that are quiet, smooth, highly efficient, and power dense.
“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,” said 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.
Dr. Emadi added, “This investment will help us ramp up our operations and grow our team. We are laser focused on strengthening our position as a leading transportation electrification company and accelerating our mission to target many electric motor applications and global markets at an unprecedented speed and scale.”
About Enedym Inc.
Enedym is a technology start-up company from McMaster University. The company is headquartered at the McMaster Innovation Park in Hamilton, Ontario, Canada. Enedym has ownership of over 50 patents and pending patent applications and related inventions developed by the Canada Excellence Research Chair in Hybrid Powertrain Dr. Ali Emadi and his research group at the McMaster Automotive Resource Centre (MARC), McMaster University. Enedym’s vision is to reduce the cost of electric propulsion motors significantly and power a new paradigm in the electric motor industry through novel switched reluctance motor (SRM) drive technologies. Enedym aspires to help save the planet, one electric motor market at a time. To learn more about Enedym, please visit www.enedym.com and our YouTube channel at Enedym YouTube.