DeepDrive secures USD 33.5 million to advance affordable EV motors

Electric motor start-up DeepDrive raised EURO 30 million (USD 33.5 million) to ramp up manufacturing of its low-cost, high-performing ‘dual rotor’ electric vehicle motors on Thursday. This Series B round was led by Leitmotif VC with the investors who invested in the previous rounds, BMW i-Ventures, and co-pace supporting the round.

Presently, DeepDrive is in a strategic partnership with eight out of ten renowned automobile manufacturing companies and CEO, Felix Poernbacher stated that big-ticket deals are expected to materialize within the next one or two years. The company expects to have its motors incorporated in mass production vehicles by approximately 2028.

Conventional motors in EVs have a stator where a rotor rotates inside of it. On the other hand, DeepDrive has designed a U-shaped “double-rotor” structure in which the rotor features both inside and outside the stator but can make effective use of the rotor’s magnetic field. This according to Poernbacher results in the motor being able to use approximately half the magnets normally used in motors, reduce iron by about 80% while occupying half the physical space. Furthermore, it should reduce production costs by approximately 30%.

As per the company, DeepDrive’s motors will provide approximately 20% more energy efficiency than the current popular electric vehicles or allow car manufacturers to fit a smaller battery capacity while boasting the same driving range. Since batteries account for the largest cost in an EV, this efficiency is well-timed as manufacturers look to keep sales going and fight off increasing competition.

“Thus, automakers are forced to build more affordable cars with longer ranges and higher efficiency in electric motors is pivotal,” Poernbacher said. “And thus increasing both range and cost functions’ values, we shall satisfy the necessary industry’s needs.”

With this amount of fresh capital DeepDrive is set for a key position in the future development of the EV market to accustom to the needs of original automotive manufacturers that push forward the boundaries while demanding better efficiency as well as cheaper batteries.