The Victorian Government will provide investment towards a new manufacturing facility for a startup which could change the future of electric vehicle (EV) motors.
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Kite Magnetics was founded in 2021 after CEO Dr Richard Parsons co-developed its provisionally patented nanocrystalline motor/generator core technology, named Aeroperm, at Melbourne's Monash University.
Initially develop with aerospace in mind, Aeroperm is claimed to be an ultra-efficient material used to produce even lighter, more compact and efficient electric motors for vehicles.
Smaller motors means smaller EV batteries and therefore reduced weight, which can lead to greater driving range.
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While Kite Magnetics is already backed by numerous leading venture capital firms, including the Victoria's 2B sovereign wealth fund, it's now received additional, undisclosed backing from the state government.
That includes investment in a new advanced manufacturing facility in Melbourne, claimed to not only help speed-up the development and manufacture of Aeroperm-equipped productions, but also create more than 140 highly skilled jobs and up to 550 indirect jobs.
Kite Magnetics claims the facility will allow it to increase production of Aeroperm to 50,000 tons per year by 2029, which will not only impact the local economy but also result in wider gains for the automotive industry.
The announcement comes amid a boom of niche Australian businesses in the post-mass production landscape of the automotive industry.
Last year, the Walkinshaw Automotive Group – the parent of the now-defunct Holden Special Vehicles – broke ground on a new site in Dandenong South, Melbourne, planned to house a 100,000 square metre factory by the end of 2025.
This will be the new home of its right-hand drive remanufacturing programmes for companies like General Motors and Toyota, while it also builds caravans through its New Age brand and runs a competitive Supercars team in Walkinshaw Andretti United.
Content originally sourced from: CarExpert.com.au
