WiTricity, the industry pioneer in efficient wireless power transfer over distance, has announced it has closed a $34 million investment round. It includes a strategic investment by Mitsubishi Corporation, through its U.S. subsidiary, Mitsubishi Corporation (Americas).
The U.S. company says the capital will enable it to ‘continue its wireless power platform development, expand its intellectual property portfolio, and capitalise on the commercial momentum for wireless charging for electric vehicles (EVs)’.
Alex Gruzen, CEO, WiTricity., says: “The mobility industry is at a remarkable inflection point. As automakers increasingly prioritize electrification, the industry seeks to improve the EV ownership experience. Our wireless charging shifts the act of charging to the background—just park and it charges. We have been working with the automotive industry for over a decade to make this a reality.”
He adds: “The new financing round validates our market position and vision for a future of wirelessly charged mobility. The expanding EV market is now ready, industry standards are set, and we’re excited to bring the wireless charging experience to customers.”
Mitsumasa Icho, Executive Vice President, Group CEO, Urban Development Group, Mitsubishi Corporation, comments: “WiTricity’s wireless charging is essential for realizing next-generation urban city and infrastructure services that capture the shift to EV / autonomous driving. In large-scale greenfield projects in ASEAN and future projects in Japan, we pursue sustainable growth of real estate value through integrating new technologies and services. We intend to capitalize on wireless charging, IoT, AI, robots and big data in the smart city by harnessing the ecosystem of our global business and partner network.”
WiTricity recently announced new automotive Tier 1 licensees, including Australia’s Lumen Freedom. In addition, McLaren’s Speedtail Hyper-GT joins the BMW 530e iPerformance as the first commercially-available EVs equipped with wireless charging capabilities.
