Business & Economy
Washington’s Advanced Electric Machines plans growth after £23 million investment
November 20, 2023
An electric motor and powertrain system maker plans to create scores of jobs to drive greener transport moves following £23 million investment.
Advanced Electric Machines wants 40 staff after support led by Legal & General Capital and Barclays Sustainable Impact Capital.
Bosses at the company, which supplies products to the commercial vehicle and aerospace sectors, say the funding will also “establish a global sales and service footprint”, bolster work on a copper-free motor and accelerate the development of a passenger vehicle motor.
They also say it will boost the Washington firm’s ambitions to become the world’s most sustainable and high performing electric powertrain technology maker, with its products containing no environmentally damaging rare earth magnets.
Dr James Widmer, Advanced Electric Machines’ chief executive and co-founder, said: “This clears our path to sustainable growth for years to come.
“It is a vote of confidence from the market in our vision, our technical capabilities and our mission to rid electric vehicle motors of harmful and problematic materials.
“We are excited for the role we are now able to play in making the electric vehicle sector truly sustainable.”
As part of the funding deal, Steven Poulter, Barclays’ head of principal structuring and investments, has joined Advanced Electric Machines’ board.
He said: “The company is solving a fundamental constraint of the electric vehicle market – the reliance on rare earth metals for motors – which causes significant cost and supply chain challenges.
“We are excited to be supporting the firm on the next stage of its journey as it expands into passenger vehicles, a growing market critical to the energy transition.”
John Bromley, Legal and General Capital managing director – clean energy strategy and investments, added: “The UK has a long and successful history in cutting-edge automotive technologies, and by co-leading this investment, we are supporting Advanced Electric Machines to fulfil its potential.”
The funding also includes investment from Par Equity, Northstar Ventures, the Low Carbon Innovation Fund 2 and Turquoise Capital LLP.