WiTricity, the Massachusetts-based EV charging firm, announced an additional $18 million to its previously-announced $34 million investment round in October 2020 – bringing the total to $52 million.
The extension included investments from Tony Fadell’s Future Shape and other private investors. Fadell has also joined the company’s newly formed Board of Advisors. Stage 1 Ventures led the first tranche of the $34 million round, with participation from Air Waves Wireless Electricity, and a strategic investment by Mitsubishi Corporation through its U.S. subsidiary (Mitsubishi Corporation (Americas)).
The additional investment comes as automakers, consumers, and governments continue to support the demand for zero-emission vehicles. Some OEMs are even developing wireless charging solutions in response to this demand. WiTricity’s technology has been licensed by many OEMs and Tier 1 suppliers – such as Toyota, Mahle, TDK, IHI, Shindengen, Daihen, Aptiv, Anjie Wireless, Yura, VIE, Green Power, and Lumen Freedom.
Most recently, WiTriCity’s technology has been adopted for use in the McLaren Speedtail Hyper-GT and the BMW 530e iPerformance.