18th May 2022 16:01
(Alliance News) - Investment company Riverstone Energy Ltd on Wednesday became the a "lead" investor in Infinitum Electric's Series D funding.
Riverstone led the investment round in the Texas-based motor company, along with Applied Ventures, the venture capital arm of Applied Materials Inc. This USD80 million round brought Infinitum Electric's funding to date to USD135 million.
The company said that Infinitum Electric will use the investment to complete development and commercialisation of a traction motor for the electric vehicle market.
This is in line with Riverstone's focus on investing in decarbonisation projects.
John Staudinger, Riverstone's managing director, added: "Decarbonisation across commercial, industrial and consumer markets driven by ESG and the energy transition creates wide scale opportunities for Infinitum Electric's motors to power a new generation of machines with greater performance, and at a fraction of the carbon footprint of traditional motors."
Shares in Riverstone Energy were down 0.7% at 674.40 pence in London on Wednesday midday.
By Sophie Rose; [email protected]
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