BMW-backed firm DeepDrive raises €30 million to industrialize ultra-efficient electrical automobile engine

German startup DeepDrive has raised €30 million to further develop its electric motor technology. The technology promises to increase the range of electric vehicles to over 800 km – without any changes to battery capacity.

Founded in 2021, DeepDrive claims its dual rotor motor has the highest torque and power density of any EV engine available today. It also has low noise emissions and is manufactured using far fewer rare earths.

DeepDrive says its technology can make electric cars 20 percent more energy efficient, allowing automakers to build longer-range electric vehicles at a lower cost.

DeepDrive is currently developing its electric motors together with eight of the ten largest car manufacturers in the world. The company has raised almost 50 million euros so far. In March last year, it secured 15 million euros in a series A financing round led by venture capitalists from automotive giants BMW and Continental.

This latest funding round was led by Leitmotif, an up-and-coming San Francisco-based VC backed by VW. DeepDrive will use the new money to build its own production lines as it targets series production of its highly efficient electric motors by 2028.

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“We believe in a collaborative approach and work hand in hand with established companies to bring our engines to the road,” said Felix Poernbacher, co-founder and co-CEO of DeepDrive.

Electric vehicles need a boost

In Europe, battery electric vehicles (BEVs) accounted for 14.3% of all Sale of new vehicles in 2023, compared to just 4% in 2020. Nevertheless, growth Slower than expected. Last year, the share of BEV sales stagnated or even declined for some automakers.

Manufacturing electric vehicles remains costly, and the limited range of many models remains an obstacle for manufacturers. European car manufacturers have had trouble keeping up with cheaper models from China.

This drives demand for motors that are smaller, lighter and more powerful, which is good news for DeepDrive. The company claims that its electric motors, when used on a large scale, Halving the price gap between vehicles with combustion engines and electric vehicles.

Published on September 20, 2024 – 10:17 UTC

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