Elaphe Propulsion Technologies raises over €4m Series A+ funding from EIT InnoEnergy

– SLOVENIA, Ljubljana –  Elaphe Propulsion Technologies Ltd., a developer of electric in-wheel-drive technology for electric vehicles, today announced a €4.2million Series A+ investment from EIT InnoEnergy that will serve as a springboard to secure further growth.

Elaphe’s approach to the in-wheel powertrain system is a fully modular platform, combining the in-wheel powertrain with software capable of optimizing each in-wheel motor in real-time. It can be integrated into a wide range of vehicles, cutting down on manufacturing costs and removing the constraints of centralized powertrains while increasing vehicle functionality and safety features.

With more than 20 different in-wheel motors developed and tested in more than 50 electric and hybrid vehicles, Elaphe is the most experienced in-wheel motor propulsion solution provider on the market. Its technology uniquely offers automakers the flexibility to integrate motors with their preferred standard parts. The patented electromagnetic core design enables specific torque up to 100 N·m/kg, 200 kW of power per wheel, and superior packaging benefits.

We believe Elaphe is uniquely positioned to play a leading role in the future of the automotive and transport sectors – a future that is electric and sustainable. Not only is the timing right, and their in-wheel powertrain technology the most advanced in the market – the approach they have taken, developing a highly adaptable platform, will allow them to deliver instantaneous benefit to automakers and thus have a far-reaching impact on the mobility sector for decades to come. —Jennifer Dungs, EIT InnoEnergy Thematic Field Leader Energy for Transport and Mobility

By increasing the vehicle’s available space and reducing weight the move to in-wheel motors will allow for a level of flexibility in terms of vehicle design, while also increasing efficiency by moving the torque to where it is actually needed. This will allow manufacturers to break from the traditional restraints of vehicle design.

Customers, however, will not have to wait that long to purchase a vehicle powered by Elaphe’s platform. Several car manufacturers across the globe, from leading global brands to ambitious newcomers, are already working with Elaphe to apply their in-wheel technology to production vehicles. Those include US start-up Lordstown Motors—an Ohio-based electric truck start-up who has recently purchased the Lordstown production complex from General Motors. Their Endurance pick-up truck has already accrued pre-orders in excess of 40,000 vehicles and is set to start deliveries in 2021.

InnoEnergy was established in 2010 and is supported by the European Institute of Innovation and Technology.

For more information: http://www.in-wheel.com/

- DisclaimerNews, data, and statements included in this release are intended exclusively for general information purposes. Talent4Boards does not guarantee that news is accurate or about the correct person and accepts neither liability for the consequences of the reader’s reliance, nor responsibility for the accuracy of the information. Nothing in this release should be considered for decisions about referred securities. Products and brand names may be trademarks or registered trademarks of their respective owners.