InductEV
Momentum Dynamics is a clean technology company developing a proprietary technology system.
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| - | investor investor | €0.0 | round |
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* | N/A | $9.5m | Debt |
| Total Funding | 000k | ||
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InductEV, formerly known as Momentum Dynamics, was founded in 2009 and is headquartered in King of Prussia, Pennsylvania. The company develops and commercializes high-power, on-route wireless charging systems for commercial electric vehicles. This technology is designed for sectors with high-duty cycles such as public transit, port and intermodal operations, logistics, and freight.
The company's leadership team includes Chairman and CEO Barry Libert, who joined in 2022, and President and CEO John F. Rizzo. Libert has a background with McKinsey & Company and has served on over 30 boards, focusing on AI-powered platforms. The core of InductEV's technology is a system of in-ground inductive charging pads that transfer power wirelessly to a receiver on the underside of a vehicle. This allows for automated, high-power charging (from 75 kW to over 450 kW) in various weather conditions without mechanical contact. The system is paired with AI-managed software, InductAI, to optimize charging schedules, potentially extending battery life and reducing overall ownership costs compared to traditional wired charging.
InductEV's business model centers on the direct sale and deployment of its wireless charging systems, including hardware and software platforms. Revenue is also generated through service and maintenance contracts, with potential future streams from technology licensing and data monetization. The company has raised a total of $97.1 million, including a $27 million Series C round in October 2024. Key investors include Volvo Group, Oshkosh, and RCH Energy.
InductEV has established numerous partnerships and deployments. Notable projects include providing wireless charging for Seattle's Sound Transit double-decker electric buses, electric port tractors at the AP Moeller Maersk Terminal in New Jersey, and municipal buses in cities like Indianapolis and Martha's Vineyard. By 2026, it's projected that half of all battery-electric buses in Washington state will use InductEV's technology. The company's technology was named one of TIME's Best Inventions for 2024.
Keywords: wireless charging, electric vehicles, commercial fleets, inductive charging, fleet electrification, public transit, logistics, port automation, AI-powered energy management, sustainable mobility