Monash University spinout Kite Magnetics has secured $3.6 million (USD 2.2 million) in funding from SQM Lithium Ventures, the corporate venture capital arm of Chilean-based miner Sociedad Quimica y Minera de Chile (SQM), to fund the next stage of the company’s growth.
The investment by SQM Lithium Ventures is part of a broader oversubscribed seed-plus round by Kite Magnetics, which said it will use the funds to scale production of Aeroperm, a patented stator core material engineered to enhance the performance of electric motors and generators by reducing energy losses and improving efficiency.
Kite Magnetics said the chromium-free iron-based alloy reduces energy losses in electric motors by up to 97% and allows direct replacement of conventional iron-silicon steels with no loss of performance.
“Aeroperm significantly increases the efficiency of electric motors, enabling electric vehicles to travel farther on a single charge,” the company said, adding the lightweight technology is accelerating electrification with smaller, lighter, and more efficient motors.
“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,” it said.
Kite Magnetics founder and Chief Executive Officer Dr Richard Parsons said the funding, alongside commitments from other investors, will help the company move from prototype to pilot-scale manufacturing, make key strategic hires, and expand its global presence.
“We are excited to partner with SQM Lithium Ventures, alongside our other investors,” he said. “Their support will help us scale our technology to revolutionise EVs.”
“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.”
Spun out of Monash University in 2021, Kite Magnetics has since transitioned from lab research to prototype production and secured partnerships with global manufacturers across automotive, mining, and dual-use sectors.
The company has already announced plans to establish a manufacturing facility in Melbourne to scale up Aeroperm production with ambitions to produce up to 50,000 tons of the material each year by 2029.
SQM International Lithium Chief Executive Officer Mark Fones said the Chilean company’s commitment is a targeted investment in the EV supply chain of which lithium – a key input for EV batteries – is already a crucial component.
“This investment not only reflects our commitment to innovative and sustainable technologies but also strengthens our presence in Australia, a key market where we already have active operations and trusted local partners,” he said.
“We believe Kite Magnetics’ groundbreaking advancements will have a significant impact on the industry, and we are excited to support their journey as they scale globally from such a strategically important region.”
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.