WiTricity raises $63m; Siemens leading this latest round
Wireless charging specialist WiTricity says it completed a new funding round of $63 million (€60.9m). Anchored by a $25 million investment from Siemens. WiTricity wants to bring its patents into products, including launching a new V2G solution.
Siemens announced its investment already in June. The Japan Energy Fund, Mirae Asset Capital, and returning investors Stage One, Airwaves Wireless Electricity, and Delta Electronics joined the German corporation.
“This new capital will allow us to accelerate product to market for both passenger and commercial wireless charging and speed the development of our unique always-available wireless V2G capabilities allowing parked EVs to return power to the grid,” said WiTricity CEO Alex Gruzen.
Siemens expects the wireless charging market to reach two billion US dollars in 2028 in Europe and North America alone and considers the investment strategic. As a licensee, Siemens wants to increase the interoperability of systems and also collaborate on the technical development of wireless charging systems. The company confirmed the strategy yesterday when Siemens announced a deal with Mahle, another licensee of WiTricity.
Both companies may benefit from WiTricity’s experience in wireless charging since spinning off MIT in 2007.
The same strategy goes for other investors. “With the recent increase in EV uptake in Japan, we see a strong need for technologies that offer simple charging solutions for drivers,” said Yohei Kiguchi, Founder and CEO of Japan Energy Fund. “WiTricity’s technology does exactly that. We are confident that wireless charging will be a gamechanger,” he said.
WiTricity technology spans milliwatts to kilowatts and can be found in consumer electronics and industrial robotics. Founded to commercialize the use of magnetic resonance to transmit power over distance at any power level, the company today claims “the industry’s most robust global patent portfolio” with over 1250 issued patents, including the acquisition of the wireless charging assets of Qualcomm Halo in 2019. WiTricity is now expanding beyond licensing to delivering complete wireless charging solutions for its customers, including global OEM fleets, changepoint operators, and end customers.
WiTricity last raised $52 million in 2021 with investors including Stage 1 Ventures, Air Waves Wireless Electricity, Mitsubishi Corporation, and Future Shape, among others.