Kite Magnetics wins $2M grant to scale EV motor material
What's the deal? Melbourne-based Kite MagneticsDealroom has a profile for this one. Try Dealroom → has secured a A$2 million ($1.4 million) grant through the Australian Government's Industry Growth Program to scale up manufacturing of its electric motor materials. The grant will feed a A$4.1 million commercialisation project to expand the company's pilot line and produce customer-ready prototypes of its patented Aeroperm technology.
What's the endgame? Aeroperm is a nanocrystalline soft magnetic material designed to replace conventional electrical steel in electric motor stator cores. The company says it cuts stator core losses by up to 97% under specified conditions, reducing energy loss and heat without requiring a full motor redesign.
Kite Magnetics estimates the technology could lower EV battery and system costs by up to about A$1,140 per vehicle, depending on platform and motor design.
Why now? Founder and chief executive officer Dr Richard Parsons said the grant marks the company's shift from research to commercial manufacturing. It will advance Aeroperm from Technology Readiness Level 4 to Level 6 and strengthen pilot production in Victoria.
The funding also supports customer qualification programs and the quality, cybersecurity, and intellectual property systems that global automotive and industrial buyers require.
What did the founder say? "Most EV range increases are fought for at the battery pack, software or power electronics level. We are attacking a more fundamental source of loss: the magnetic material inside the motor," Dr Parsons said. He added the grant "helps us bridge a critical commercialisation gap."
Spun out of Monash UniversityDealroom has a profile for this one. Try Dealroom → in 2021, Kite Magnetics says it supplies samples and paid prototypes to more than 20 global organisations, including original equipment manufacturers and Tier 1 and Tier 2 suppliers. It is backed by investors including SQM Lithium VenturesDealroom has a profile for this one. Try Dealroom →, InvestibleDealroom has a profile for this one. Try Dealroom →, and Innovation VictoriaDealroom has a profile for this one. Try Dealroom →.
What's next? The company is preparing a planned $22 million Series A raise to expand manufacturing, complete customer qualification, and move towards volume production.
The signal: The grant ranks among the largest in its category, above the 95th percentile of all grant rounds for engineering and manufacturing equipment companies in Australia. That places a bet on materials innovation — a layer of the EV supply chain that Dr Parsons argues "has not fundamentally improved in decades."
Read more: Australian Manufacturing
