ePropelled, the Massachusetts-based technology company that offers leading-edge electric propulsion systems, today announced the closing of the final tranche of a $15 million Series A round of financing from strategic individual investors. Already in revenue with commercially available products, the funding will be used to accelerate continued product innovation and market penetration through expanded sales and marketing.
With a staff of more than 70 people, ePropelled is headquartered in Lowell, Mass., and operates a solutions center in Gilford, N.H., an innovation center in Cardiff, U.K., and an engineering center in Chennai, India. The company has already been granted seven patents and it plans to file 20 more before the end of the year for intellectual property and innovations that support its multiple product lines and markets, including:
- eMobility & Light EV – including its breakthrough Dynamic Torque Switching (eDTS) powertrain system that increases power efficiency in electric vehicles (EVs) by at least 15% and is a scalable design to address the complete market, from motor bikes and three-wheelers to cars and trucks. The company has already signed an agreement with RKFL – a tier 1 international automotive supplier – to develop eAxle products for India’s eMobility market.
- Unmanned Aerial Vehicles – offering the broadest range of electric propulsion and power systems for mission-critical UAV applications, including the industry’s first Hybrid Ready™ mode of operation to provide electric power to internal combustion engines.
- Pumps – variable-speed electric motors for the pool and spa industry that increase efficiency by 10% to meet new regulatory mandates while reducing noise and cost.
EV efficiency is critical: battery packs in EVs account for 30% of the total cost to the consumer and ePropelled’s technology can reduce that by 15%. As examples of its impact, in a 100 km drive cycle test, the ePropelled-powered vehicle had 42% of its battery left while the previous EV motor only had 23%. Or in the best-selling electric vehicle in the U.S., using ePropelled’s technology would cut the car’s weight by 159 pounds and reduce the cost by $1,654.
“The addressable market for our business is expected to reach $18 billion by 2025 and accelerate to over $100 billon by 2030,” said Nick Grewal, ePropelled’s CEO and president. “While EVs are popular, their higher price – driven largely by battery pack costs – is preventing wider adoption and creates a compelling business opportunity we are uniquely positioned to address with our game-changing technology.”
Comprised of seasoned technology, engineering, and automotive executives with a proven track record of building and scaling high-tech companies, ePropelled has assembled a world-class executive team that includes:
Nick Grewal, founder and CEO – a serial entrepreneur and experienced technology investor and executive in more than 40 high-tech companies, including CrossCom, Proteon, Fibronics, and Compugraphics. Grewal also founded Onlake Investments and was CEO of Nashoba Networks that was sold to Cisco Systems for $100 million.
Dr. Nabeel Shirazee, Global CTO – a leading innovator in magnetic engineering, Dr. Shirazee holds several patents for a permanent magnet lifting system as well as a magnetic levitation system that was awarded “World’s #1 Invention” at INPEX.
David Hudson, Head of EV Strategy – an automotive industry leader with over 40 years of experience in engineering and professional services working with Jaguar, leading powertrain companies and most recently at Tata Motors as part of its strategic electrification initiative.
While ePropelled’s technology dramatically improves efficiency and reduces costs, it also has a major impact on green initiatives and sustainability. Transport accounts for 7.9 billion tons or one-fifth of global CO2 emissions. In the U.S. alone, each EV added to the road would save an average of 390 Kg of CO2 per year per vehicle and ePropelled’s 15% efficiency could translate to dramatic savings of 42 million tons of CO2 between now and 2030.
“Our technology and business are based around the fundamental idea that efficiency is critical to expanding green transport and improving sustainability. By reducing the amount of electricity that EVs use, our technology makes EVs more affordable for consumers to boost adoption, reduces the amount of power used from the grid, and makes batteries last longer resulting in fewer raw materials consumed and reduced manufacturing and recycling required,” added Grewal.