British company YASA Motors, a developer of small, light electric motors, announced that it secured £5M funding (over $8 million).
"YASA Motors, the company delivering ultra-high performance electric motors, has received a strong boost with the investment of £5m. The new equity finance has been raised from a combination of existing and new investors, and will be used to increase production capacity to meet customer demand and to expand its commercial activities."
Such kind of money for a start-up just for production of motors seems high, so there's probably a line of customers for a thousand units or so.
Drayson Racing EV
Chris Harris, CEO of YASA Motors commented:
“We are naturally delighted at the support shown by our investors who share our view of the potential for our highly differentiated electric motors. The motors are now being integrated into products by an ever increasing number of customers across a wide range of markets including marine, agriculture, industrial and construction equipment along with automotive and aerospace."
“The additional financing will allow us to increase our production capacity to meet the anticipated demand, and to expand our commercial organisation to better support our customers.”
YASA Motors produces an axial flux electric motor and generator using its own Yokeless And Segmented Armature (YASA) technology. Motors from YASA Motors are used in the record-breaking Drayson B12/69EV demonstrator.