Inmotive raises $7.5M for electric vehicle production
by CM Staff
Ingear transmission makes for lighter, less expensive and better performing plug-in vehicles, according to Inmotive
TORONTO – Inmotive, a Toronto-based maker of the patent-protected Ingear 2-speed transmission for electric vehicles (EVs), announced on April 30 it has closed a $7.5-million Series A round of funding.
“COVID-19 has made it very challenging for cleantech companies to raise capital, so the timing of this investment demonstrates high confidence in our team, technology and strategy,” said Inmotive founder and CEO Paul Bottero in a prepared statement.
“Inmotive can achieve its 2020 goals of producing Ingear units ready for external testing and engaging with electric vehicle manufacturers globally.”
The adoption rate of EVs has been hampered by range anxiety, performance issues and high cost. Inmotive has looked to address these problems with its 2-speed Ingear transmission, which the comapny said provides double-digit performance improvements while allowing for cost reduction by downsizing batteries and other components.
