ePropelled, a Massachusetts-based electrical manufacturing startup, has raised $15 million in Series A funding to create more efficient motors and generators using electric propulsion.
The funding round counted with participation from undisclosed strategic individual investors and will allow the startup to boost its product innovation and marketing penetration efforts. Nick Grewal, ePropelled’s CEO and president, referred to the startup’s potential to disrupt the Electric Vehicle (EV) market by stating:
“The addressable market for our business is expected to reach $18 billion by 2025 and accelerate to over $100 billon by 2030. While EVs are popular, their higher price – driven largely by battery pack costs – is preventing wider adoption and creates a compelling business opportunity we are uniquely positioned to address with our game-changing technology.”
Founded in 2018, ePropelled already counts with a diverse portfolio of commercially available products designed to be used by electric vehicles, unmanned aerial vehicles (UAVs), pumps, and electric vertical takeoff & landing aircraft (eVTOL). The startup aims to incentivize the adoption of EV by improving their efficiency while reducing costs. Grewal said in this regard:
“Our technology and business are based around the fundamental idea that efficiency is critical to expanding green transport and improving sustainability. By reducing the amount of electricity that EVs use, our technology makes EVs more affordable for consumers to boost adoption, reduces the amount of power used from the grid, and makes batteries last longer resulting in fewer raw materials consumed and reduced manufacturing and recycling required.”
With transport accounting for 7.9 billion tons of CO2 emissions, the equivalent to 20% of global emissions, EVs have become an increasingly popular green transport method due to their reduced environmental impact. However, their costs are still high enough to allow for their mass adoption, which is a reality ePropelled is looking to change by creating more sustainable technology.