The Victorian Government will provide investment towards a new manufacturing facility for a startup which could change the future of electric vehicle (EV) motors. Kite Magnetics was founded in 2021 after CEO Dr Richard Parsons co-developed its provisionally patented nanocrystalline motor/generator core technology, named Aeroperm, at Melbourne’s Monash University. Initially develop with aerospace in mind, Aeroperm is claimed to be an ultra-efficient material used to produce even lighter, more compact and efficient electric motors for vehicles.
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Browse now . While Kite Magnetics is already backed by numerous leading venture capital firms, including the Victoria’s 2B sovereign wealth fund, it’s now received additional, undisclosed backing from the state government. That includes investment in a new advanced manufacturing facility in Melbourne, claimed to not only help speed-up the development and manufacture of Aeroperm-equipped productions, but also create more than 140 highly skilled jobs and up to 550 indirect jobs.
Kite Magnetics claims the facility will allow it to increase production of Aeroperm to 50,000 tons per year by 2029, which will not only impact the local economy but also result in wider gains for the automotive industry. The an.