£18 million funding round closes at Oxford firm
Posted on 16 Oct 2019 and read 777 times
Oxford-based YASA (www.yasa.com
), a manufacturer of axial-flux electric motors and controllers for hybrid and pure-electric vehicles, has announced the closing of an £18 million funding round that will enable it to meet rapidly growing customer demand from the automotive and aerospace sectors.
Existing investors Parkwalk Advisors and Universal Partners have been joined in the round by Oxford Sciences Innovation (OSI) and Inovia Capital.
YASA says that its innovative axial-flux electric-motor and controller designs offer best-in-class power and torque densities and are ideally suited to both hybrid and pure-electric applications, allowing manufacturers to improve the performance of electric vehicles while reducing their weight.
This news follows YASA’s announcement in May that a luxury hybrid electric car now in series production is powered by a YASA motor.
Speaking of the new funding round, Charles Conn — CEO at OSI — said: “We have been tracking YASA’s progress for a number of years and are pleased to have the opportunity to invest in one of the UK’s most exciting high-growth technology companies, which is well-positioned to take advantage of the rapid move to electrification in both the automotive and aerospace sectors.”
Inovia Capital’s Patrick Pichette said: “YASA’s electric motors and controllers are opening up entirely new opportunities for vehicle manufacturers, enabling them to create exciting electric driving experiences while reducing the impact on the environment.
“We look forward to enabling the company to grow and secure its place at the centre of the electrification revolution.”
Chris Harris, YASA’s CEO, said: “This funding round is helping to prepare the company to meet the rapidly increasing volume of demand for our electric motors and controllers from our automotive customers.
“We’re pleased to welcome OSI and Inovia onboard as investors; both share our long-term vision for the company and bring tremendous operational experience that will help us realise our full potential.”