COVID-19: Inmotive raises $7.5 million to help adopt

EVs faster 

The Toronto based maker of the patent-protected Ingear 2-speed transmission for electric vehicles (EVs) made ann announcement that it has closed a $7.5-million Series A round of funding to help the adoption of electric vehicles.

Due to COVID-19, it is very difficult for the cleantech companies to raise capital so this investment will bring some confidence in their team.

COVID-19: Inmotive raises $7.5 million

“COVID-19 has made it very challenging for cleantech companies to raise capital, so the timing of this investment demonstrates high confidence in our team, technology and strategy,” said Inmotive founder and CEO Paul Bottero.

“With this infusion of funds, Inmotive can achieve its 2020 goals of producing Ingear units ready for external testing and engaging with electric vehicle manufacturers globally.”

We have seen there are several issues such as range anxiety, performance, high cost, etc slowdowns the adoption of electric vehicles. The Inmotive solves these problems with its 2-speed Ingear transmission which helps to improve the performance level to double reducing the costs, cutting the batteries and other components costs.

RACEnergy has raised funds 

Recently, An electric mobility startup, RACEnergy has raised an undisclosed amount as part of its seed round from growX ventures, Prophetic Ventures, and other prominent angels in the energy industry. An Indian accelerator programme for EV specific startups also participated in the round. 

Bounce a motorcycle and scooter-sharing start-up have raised a fresh of $6.5 million funding from existing investor InnoVen Capital, an Asia’s leading venture debt provider.

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