DeepDrive raises €30m for in wheel motor to slash EV cost
DeepDrive in Germany has raised €30m for volume production of its in wheel motor technology (IWM) for electric vehicles as the market matures.
The funding enables DeepDrive in Munich to prepare for series-production of its in wheel motor technology for 8 of the world’s 10 largest car makers by 2028.
The Series B round was led by Leitmotif –an independent venture capital firm, active in both the U.S. and Europe, with participation from all existing investors, BMW i Ventures, co-pace – the corporate venture unit of Continental – UVC Partners, and Bayern Kapital through the Wachstumsfond Bayern.
This follows a €15m Series A in March 2023 and the company has close ties to BMW, Audi and Volvo as well as Tier One supplier Continental. Protean in the UK is also ramping up its pilot line for volume production of its in wheel motor technology and REE Automotive has raised $45m and teamed with Indian manufacturer Motherson to make its in wheel motor technology in volume.
Efficient wheel-hub drive platform increases driving range
DeepDrive aims to use the cash to convert its projects with 8 of the world’s 10 largest automakers that are currently in co-development to volume production. The funding will also enable the high-tech company to build in-house production lines and industrialise its patented Dual Rotor motor technology to accelerate the mass adoption of EVs.
The technology provides a 20 percent efficiency increase and significant cost reduction potential compared to benchmarks, enabling high-volume EVs with more than 800km of range. This can save than €1 billion in costs. For consumers, this will halve the price gap between internal combustion engine vehicles (ICEs) and EVs says the company.
Both DeepDrive’s In-wheel and Central Drive motors are significantly more cost-effective and scalable, using 50% less critical materials (such as magnets, copper, and laminated steel) and simpler manufacturing processes, resulting in €200 material cost savings and over €1,000 in system cost savings. They also have a 40% higher torque density which allows for a range of over 800km by utilising space gains for the installation of low-cost LFP batteries.
“DeepDrive’s mission is to revolutionise the automotive industry by providing groundbreaking solutions that help automakers meet their efficiency and cost goals. We believe in a collaborative approach, working hand-in-hand with established players to get our motors on the streets. This funding round marks a significant milestone, and with the support of Leitmotif and our existing investors, we are poised to fulfil the large demand from global automakers,” said Felix Poernbacher, Co-founder and Co-CEO of DeepDrive.
Dr. Peter Mertens, Current Board Member and Investor in DeepDrive and Former Board Member & CTO of Audi & Volvo, comments: “The benchmarks in performance, and sustainability DeepDrive has achieved will not only be a game changer in terms of efficiency and cost savings for automakers, but it will also significantly reduce the carbon footprint of EVs. I’m delighted to see that alongside previous recognition from industry leaders, yet another VC has recognised and invested in DeepDrive’s potential.”
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