WiTricity , a Massachusetts-based business that pioneered wireless charging technology, said this week that it had just raised $63 million in its most recent fundraising round, which was also led by Siemens, which contributed $25 million. Along with Stage One, Airwaves Wireless Electricity, Delta Electronics, and the Japan Energy Fund, other investors included Mirae Asset Capital and returning investors Stage One.
According to Alex Gruzen, CEO of WiTricity, the company has created a real technology platform that is backed by a substantial patent portfolio and international automotive standards. With this additional funding, we will be able to speed up the product development process for both consumer and commercial wireless charging as well as the advancement of our special always-on wireless V2G capabilities, which enable parked EVs to feed power back into the grid.
The firm, which was founded in 2007 as an MIT offshoot, aims to commercialize the use of magnetic resonance for long-distance power transmission at any power level. It now owns more than 1250 patents, including those obtained when the business acquired Qualcomm Halo’s assets in 2019. In addition to licensing, WiTricity is now providing complete wireless charging solutions for its clients, which include international OEM fleets, chargepoint operators, and end users.
According to Yohei Kiguchi, founder and CEO of Japan Energy Fund and ENECHANGE Ltd., with the recent growth in EV adoption in Japan, there is a critical need for technologies that provide straightforward charging solutions for drivers. That is exactly what WiTricity’s technology achieves. We are optimistic that wireless charging will revolutionize the industry and accelerate decarbonization by encouraging more people to select electric vehicles (EVs) over conventional internal combustion engines.
In an recent survey survey, 96% of EV purchasers said they desire wireless charging capabilities in their next EV, placing it far ahead of other popular choices like parking assistance, autonomous driving, and interior or exterior design.
According to David Baum of Stage 1 Ventures, early adopters continue to acquire EVs in the US. By removing the inconvenience of charging, wireless charging will hasten this adoption by general consumers. WiTricity’s wireless charging, according to Jonathan Hwang of Mirae Asset Capital, is an essential part of genuinely changing the driving experience with electric automobiles. Wireless charging will deliver the outstanding convenience, safety, and accessibility that Korean drivers expect from true breakthrough innovation.
After this next round of funding is complete, WiTricity will start producing for fleets of light trucks, heavy commercial vehicles, and passenger cars of various sizes. In order to maintain grid stability and the transition to autonomous vehicles, wireless vehicle-to-grid (V2G) technology will be crucial.
WiTricity technology is used nowadays in applications ranging from consumer electronics to industrial robotics. Its power ranges from milliwatts to kilowatts. Wiferion, a leading developer of solutions for mobile, wireless power supplies for industrial e-vehicles, recently acquired a license to use WiTricity’s technology. Beyond EVs, WiTricity technology has countless uses, and its licensees are already manufacturing items like wirelessly charged factory robots, e-scooters, and e-bikes.
Wires have been completely removed from people’s life for decades, including wifi and mobile phones. According to Kenneth Horowitz, CEO of Air Waves Wireless Electricity and one of the pioneers of the cellular phone industry, the last cables to be deleted are for charging electric vehicles, electric scooters, electric bikes, factory automation, and other products. These final wires will be cut for an untethered future by WiTricity.
THE CONCLUSION Change usually seems to arrive slowly before suddenly appearing everywhere. Because that’s what people did back then, I took special care to implant wiring for telephone lines, speakers, and internet before I put up new sheetrock when I restored my home in the 1990s.
My internet router now wirelessly transmits my TV signal, my phone wirelessly sends me Google alerts from anywhere in the world, and my car wirelessly upgrades its computer system on a periodic basis. There will come a time in the not too distant future when our grandchildren will look at us with wonder when we tell them we used to plug our cars in. Wireless charging is so obviously the next step in the EV revolution.
Life’s only constant is change. The most exciting feature of wireless charging is that it will support bi-directional operation, which will make connecting your car to your house and your power grid as simple as pulling into your garage or driveway and parking. We need sunglasses because the future is so bright. We are very eager!
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