As the U.S. faced record-breaking gas prices during the first two quarters of the year, the demand for electric vehicles soared 70 percent — and by default, so did the demand for EV chargers. MIT spinout WiTricity is a Watertown-based company working to meet the demand for EV chargers.
The company produces wireless charging robotics for electric vehicles, which according to the company, makes the adoption of EVs more appealing to consumers.
On Tuesday, 15-year-old WiTricity pulled in $63 million in its latest funding round. Participating investors include Siemens AG, Japan Energy Fund and Mirae Asset Capital, among others.
“WiTricity has built a true technology platform supported by a robust patent portfolio and global automotive standards,” WiTricity CEO Alex Gruzen said in a statement. “This new capital will allow us to accelerate product to market for both passenger and commercial wireless charging, and speed the development of our unique always-available wireless V2G capabilities allowing parked EVs to return power to the grid.”
With its fresh funding, the company is further investing in the production of wireless charing ports for vehicles of all sizes such as passenger vehicles, light-duty trucks and heavy commercial vehicles.
In the company’s lifetime, WiTricity has developed technology patents for 1,250 wireless charging assets.
Prior to this round, WiTricity raised $52 million last year from Mitsubishi Corporation, Stage 1 Ventures, Air Waves Wireless Electricity and others.
“For decades we’ve eliminated wires from people’s lives, from mobile phones to Wi-Fi,” Kenneth Horowitz, co-founder of Air Waves Wireless Electricity and WiTricity board member, said in a statement. “The last wires to be eliminated are for charging EVs, e-scooters, e-bikes, factory automation and other products. WiTricity will remove these last wires for an untethered future.”
