Monash University spinout Kite Magnetics has scored a $2 million grant via the federal government’s Industry Growth Program as the electric motor materials gears up for a Series A.
The grant will go towards $4.1 million commercialisation project to scale a pilot manufacturing line, generate validation data and deliver prototypes of its patented Aeroperm motor core technology.
Aeroperm is a nanocrystalline soft magnetic material designed to replace conventional electrical steel inside electric motor stator cores. It cuts wasted energy and heat inside the motor by up to 97%. For EV manufacturers, that can mean longer range, lower battery cost, smaller cooling systems or greater design flexibility, reducing cost of an EV battery system by around $1,140 per vehicle.
Kite Magnetics founder and CEO Dr Richard Parsons said the grant was an important step in moving the company, spun out of Monash in 2021, from deep-tech invention to commercial manufacturing.
“Most EV range increases are fought for at the battery pack, software or power electronics level. We are attacking a more fundamental source of loss: the magnetic material inside the motor,” he said.
“Electric motors are one of the most important technologies in the electrification economy, with electric motor-driven systems accounting for around half of global electricity consumption, but the materials inside our motors have not fundamentally improved in decades. Aeroperm gives motor manufacturers a practical way to reduce losses and improve efficiency without having to completely redesign existing motor platforms.”
Parsons said the industry grant helps the company bridge a critical commercialisation gap as the startup plans a $22 million Series A raise.
“It allows us to turn breakthrough material performance into a scalable and repeatable manufacturing process,” he said
“We are now working to scale the business so that we can deploy as many Aeroperm stator cores into motors as possible”.
SQM Lithium Ventures, the VC arm of a major international lithium producer, backed Kite Magnetics with $3.6 million 14 months ago.
Other investors include the recently merged state government fund Breakthrough Victoria, and Sydney VC Investible.
