EIT InnoEnergy, the innovation engine for sustainable energy across Europe, has announced a 4.2 million Euro A+ investment in Elaphe Propulsion Technologies Ltd. (Elaphe), a world leader in electric in-wheel-drive technology for electric vehicles. EIT InnoEnergy’s investment will serve as a springboard to secure further growth, while giving Elaphe access to one of the most robust and respected sustainable energy and mobility innovation networks globally. Investment banking firm E. J. McKay advised Elaphe in the transaction.
Elaphe presents a bold vision of the future of mobility – renouncing the traditionally incremental developments seen in the sector, and is instead pushing the envelope of how we view automotive design. The auto industry has seen a number of important developments over recent decades, from hybridization to the ongoing switch to electric mobility; Elaphe’s patented in-wheel powertrain system aims to enable an even more monumental switch, doing away with the traditional centralized architecture of a motor vehicle. This has resulted in the world’s first commercially scalable in-wheel motor system.
“The partnership with EIT InnoEnergy strengthens Elaphe’s position both in the EU and globally. The provided investment and support will significantly accelerate commercial activities with automotive OEMs. This in turn will help us further optimize our best-in-class technology platform in accordance with customer requirements for production vehicles,” said Gorazd Lampic, CEO of Elaphe.
“Therefore, being part of EIT InnoEnergy’s ecosystem gives us a competitive edge both from a technological as well as a business perspective and opens up exciting growth opportunities.”
With over 20 different in-wheel motors developed, integrated, and tested in more than 50 fully electric and hybrid vehicles, Elaphe is the most experienced in-wheel motor propulsion solution provider on the market. Patented electromagnetic design enables specific torque up to 100 Nm/kg, 200 kW of power per regular car wheel, and superior packaging benefits. Elaphe is unique in that they offer OEMs the flexibility to integrate their preferred off-the-shelf corner components (brakes, rims, bearings, suspensions, etc.) while also offering a turnkey solution.
“We believe Elaphe is uniquely positioned to play a leading role in the future of the automotive and transport sectors – a future that is electric and sustainable. Not only is the timing right, and their in-wheel powertrain technology the most advanced in the market and commercially ready – the approach they have taken, developing a highly adaptable platform, will allow them to deliver instantaneous benefit to automotive OEMs and thus have a far-reaching impact on the mobility sector for decades to come,” said EIT InnoEnergy’s Jennifer Dungs, Thematic Field Leader Energy for Transport and Mobility.
By increasing the vehicle’s available space and reducing weight the move to in-wheel motors will allow for an unprecedented level of flexibility in terms of vehicle design, while also increasing efficiency by moving the torque to where it is actually needed. This will allow manufacturers to break from the traditional restraints of vehicle design, and build bold new products better suited for the mobility needs of a rapidly changing society. According to different market studies, the total addressable market for in-wheel powertrain by 2030 is predicted to climb from around 1.6 billion Euros in 2025 to around 12 billion Euros in 2030.
Customers, however, will not have to wait that long to purchase a vehicle powered by Elaphe’s platform. Several car manufacturers across the globe, from leading global brands to ambitious newcomers, are already working with Elaphe to apply their in-wheel technology to production vehicles. Those include US start-up Lordstown Motors – an Ohio-based electric truck start-up who has recently purchased the Lordstown production complex from General Motors. Their Endurance pick-up truck has already accrued pre-orders in excess of 40.000 vehicles and is set to start deliveries in 2021.
About EIT InnoEnergy
EIT InnoEnergy is the innovation engine for sustainable energy across Europe.
We support and invest in innovation at every stage of the journey – from classroom to end-customer. With our network of partners, we build connections across Europe, bringing together inventors and industry, graduates and employers, researchers and entrepreneurs, businesses and markets.
We work in three essential areas of the innovation mix:
Bringing these disciplines together maximises the impact of each, accelerates the development of market-ready solutions, and creates a fertile environment in which we can sell the innovative results of our work.
InnoEnergy was established in 2010 and is supported by the European Institute of Innovation and Technology (EIT).
About Elaphe Propulsion Technologies
Founded in 2006, Elaphe Propulsion Technologies Ltd. is a leading EU-based developer and manufacturer of in-wheel electric propulsion systems. The Elaphe in-wheel powertrain platform includes motors, power electronics, and intelligent multiple-motor propulsion control. Elaphe’s achievements include the world’s highest-performance in-wheel-powered applications to date. Patented and innovative electromagnetic and mechanical designs for in-wheel propulsion enable Elaphe™ products to be tailored for specific ranges of torque and power to fit most vehicle configurations. This increases vehicle available space and efficiency and reduces weight, which enables innovative manufacturers to break from the traditional restraints of vehicle design and build bold new products better suited for the rapidly changing mobility needs of tomorrow.
For more information, please visit www.in-wheel.com