AEM raises £23 million for eco-friendly EV motors
UK startup AEM raised £23 million to scale up production of rare earth and copper-free electric vehicle motors. The funding, led by Legal & General and Barclays, will enable AEM to produce motors that can boost an EV's range by at least 10%. AEM's motors are entirely recyclable and have already been used in electric buses and vehicles globally. The company is also working with automakers like Volkswagen's Bentley on EV motor development.