Kite Magnetics, a pioneering spinout from Monash University, has secured AU$3.6M (US$2.2M) in funding from SQM Lithium Ventures to advance Aeroperm®, a revolutionary nanocrystalline magnetic material designed to enhance the efficiency of electric motors and generators.
Aeroperm® significantly increases the efficiency of electric motors, enabling electric vehicles to travel farther on a single charge. This breakthrough technology is set to substantially reduce production costs, translating into billions in savings for manufacturers and lowering operating costs in stationary applications such as mining.
Dr Alastair Hick, Monash University’s Chief Commercialisation Officer welcomed the investment.
“This investment from SQM confirms their commitment to innovative and sustainable technologies and their belief that Kite Magnetics’ groundbreaking advancements will have a significant impact on the industry,” Dr Hick said.
Dr Ingmar Wahlqvist, Senior Director of New Ventures and Investments at Monash University, reiterated the importance of the University’s role in translating research into innovative commercially viable outcomes.
“Support from international venture capital firms like SQM Lithium Ventures highlights the strategic importance of Australian research in the clean tech and electrification sector’s growth. This funding will enable Kite Magnetics to scale globally, reduce environmental impact, and enhance consumer adoption of electric vehicles,” Dr Wahlqvist said.
SQM’s participation is part of a larger round which included investment from Monash via Monash Investment Holdings. Founder and CEO of Kite Magnetics Dr Richard Parsons said the funding will enable Kite Magnetics to build pilot production facilities for Aeroperm®, make key strategic hires, and expand its global presence to better serve customers around the world.
"We are excited to partner with SQM Lithium Ventures, alongside our other investors. Their support will help us scale our technology to revolutionise electric vehicles. By increasing range and reducing mass, we’re not just making electric vehicles drive further, we're making them cheaper and more sustainable, accelerating adoption," Dr Parsons said.
The investment is part of Kite Magnetics’ oversubscribed Seed+ funding round, led by SQM Lithium Ventures, the corporate venture capital team affiliated with SQM International Lithium (SQMi), a global leader in lithium production.
Kite’s proprietary materials technology is based on revolutionary work conducted at Monash University by Professor Kiyonori Suzuki, within the Faculty of Engineering. It reduces energy losses in stator cores by up to 97 per cent while also being the world's first material of its type to allow direct replacement of stator cores with no loss of performance.
Spun out of Monash University in 2021, Kite Magnetics has transitioned from lab research to prototype production, securing partnerships with leading global Original Equipment Manufacturers across automotive, mining, and dual-use sectors. The company is establishing a pilot-scale production facility in the Monash Technology Precinct to meet growing global demand.
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