Electric car motor manufacturer YASA has closed an £18m funding round.
The new funding will enable the privately-held company Oxford-based firm to scale to meet customer demand from the automotive and aerospace sectors.
Existing investors Parkwalk Advisors and Universal Partners have been joined in the round by Oxford Sciences Innovation (OSI) and Inovia Capital.
YASA’s axial-flux electric motor and controller are designed for both hybrid and pure electric applications, allowing manufacturers to improve electric vehicle performance whilst reducing vehicle weight.
This news follows YASA’s announcement in May that Ferrari’s first ever hybrid electric car in series production – the SF90 Stradale – is powered by a custom YASA motor.
Speaking of the new funding round, Charles Conn CEO at OSI said: “We have been tracking YASA’s progress for a number of years and are pleased to have the opportunity to invest in one of the UK’s most exciting high-growth technology companies that is well positioned to take advantage of the rapid move to electrification in both automotive and aerospace sectors.”
Patrick Pichette, General Partner at Inovia Capital said, “YASA exemplifies what we look for in our portfolio companies – a company with high-growth potential and a team that’s passionate about building a better world through the discovery and application of innovative technology.
“YASA’s electric motors and controllers are opening up entirely new opportunities for vehicle manufacturers, enabling them to create exciting electric driving experiences while reducing the impact on the environment. We look forward to enabling the company to grow and secure its place at the centre of the electrification revolution.”
Dr. Chris Harris, YASA’s CEO added: “This funding round is helping prepare the company to meet the rapidly increasing volume of demand for our electric motors and controllers from our automotive customers. We’re pleased to welcome OSI and Inovia onboard as investors – both share our long-term vision for the company and bring tremendous operational experience that will help us realise our full potential.”