Witricity raises $63m for wireless charging

Witricity raises $63m for wireless charging

Business news |
By Nick Flaherty

Wireless charging pioneer Witricity in the US has completed a new funding round of $63m with backing from Siemens.

As well as the previously announced $25m from Siemens, the round includes investments from Japan Energy Fund, Mirae Asset Capital, and returning investors Stage One, Airwaves Wireless Electricity, and Delta Electronics. This brings the total raised to $176m. 

With this investment, WiTricity will shift into production for fleets of all sizes – passenger vehicles, light-duty trucks, and heavy commercial vehicles alike — at a variety of energy levels. The technology spans from milliwatts to kilowatts and can be found in products today from consumer electronics to industrial robotics. 

WiTricity was founded out of MIT in 2007 to commercialize the use of magnetic resonance to transmit power over distance at any power level. The company has developed the industry’s most robust global patent portfolio, over 1250 issued patents, including the acquisition of the wireless charging assets of Qualcomm Halo in 2019.  WiTricity is now expanding beyond licensing to delivering full wireless charging solutions for its customers including global OEMs fleets, changepoint operators, and end customers.

 WiTricity is a member of MPEG LA’s Qi Wireless Power Portfolio as a licensor of patents essential to the practice of the Qi Wireless Power Standard. 

“WiTricity has built a true technology platform supported by a robust patent portfolio and global automotive standards,” said Alex Gruzen, CEO of WiTricity. “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 the recent increase in EV uptake in Japan, we see a strong need for technologies that offer simple charging solutions for drivers,” said Yohei Kiguchi, Founder and CEO of Japan Energy Fund and Enechange. “WiTricity’s technology does exactly that. We are confident that wireless charging will be a gamechanger, and by inspiring more consumers to choose EVs over traditional combustion engines, lead to further decarbonization.”

“WiTricity’s wireless charging is a key component to truly reinventing the driving experience with electric cars,” said Jonathan Hwang, Director at Mirae Asset Capital. “Korean drivers expect genuine break-through innovation for great convenience, safety, and accessibility, and wireless charging will provide just that.”

Most recently, WiTricity has licensed its technology to Wiferion, a leading solution provider for mobile, wireless power supplies for industrial e-vehicles. The applications of WiTricity technology beyond EVs are limitless with licensees already producing products such as wirelessly charged factory robots, eScooters and eBikes.

“For decades we’ve eliminated wires from people’s lives, from mobile phones to Wi-Fi.   The last wires to be eliminated are for charging EVs, eScooters, eBikes, factory automation and other products,” said Kenneth Horowitz of Air Waves Wireless Electricity and one of the founders of the cellular telephone industry.  “WiTricity will remove these last wires for an untethered future.”

WiTricity last raised $52 million in 2021 with investors including Stage 1 Ventures, Air Waves Wireless Electricity, Mitsubishi Corporation, Future Shape, among others.

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