Early-stage venture investment firm Investible has led a $1.85 million seed investment round in a Victorian company which is developing a new generation of lightweight electric motors expected to be rapidly adopted for transport applications, especially in aviation.

Ground-breaking research at Monash University − based on 30 years of prior research into advanced magnetic materials − led to the development of a new, much lighter nanocrystalline alloy suitable for use in the magnets of electric motors.

Kite Magnetics was spun out of the research with the objective of developing the smallest and lightest electric motors. Lighter and smaller motors have potential to accelerate the adoption of electric aircraft, so the company plans to use the investment to focus on developing prototypes for the aviation market.

State government investment agency Breakthrough Victoria – to which the Victorian Labor government has committed $2 billion – has contributed to the investment round. The round has also been supported by Possible Ventures, Galileo Ventures and Boson Ventures.

Breakthrough Victoria chief executive Grant Dooley said Kite Magnetics’ technology is an example of Victoria’s world-class capabilities and potential to contribute to global carbon emissions reduction. The technology also has potential to develop Victoria’s advanced manufacturing sector and create jobs.

Kite Magnetics founder and chief executive Dr Richard Parsons said: “The challenge for the research group was: let’s develop a new alloy and a new process that will allow us to capture the best of both worlds, so that we can make electric motors that are both smaller and lighter but also really efficient at the same time. That led us down a path exploring all the different alloy compositions we could use, eventually developing a new process where we take a material and we heat it really rapidly − more than 10,000 degrees per second − up to a temperature and then back down again. Through this process we discovered that you get these fantastic magnetic properties that allow you to make motors smaller and lighter and more efficient.

“We predict that ten years from now all high performing electric motors will be using nanocrystalline core.”

The material was co-invented at Monash University’s Department of Materials Science and Engineering by Professor Kiyonori Suzuki, Dr Ziyu Li and Parsons.

According to Investible, Kite Magnetics’ technology has the potential to develop electric motors that are up to 50% lighter without reducing power, measured as torque.

The team has also developed a proprietary manufacturing process for its key material, now trademarked as Aeroperm. This process addresses typical problems in the use of nanocrystalline materials such as brittleness in the thin ribbon of material which is stacked to create the magnetic core of an electric motor.

Co-head of Climate Tech at Investible Patrick Sieb said: “The aviation sector is in desperate need of decarbonisation technology. Richard’s unique blend of entrepreneurial grit and a strong technical background uniquely positions him, and the Kite team, to transform the industry and produce the world’s highest performance electric motors.”

Chief commercialisaton officer at Monash University Dr Alastair Hick said the Kite Magnetics spinout demonstrated the university’s capability in renewable energy technologies and its commitment to commercialising its discoveries.

Sydney-based Investible, which focuses on seed-stage investing, has invested in Kite Magnetics from its Climate Tech fund launched last year. Other investments from the Climate Tech fund include New Zealand company ZeroJet which has developed an electric propulsion system for small boats; building energy efficiency software company CIM; Digital Harvest, which has developed software to improve the efficiency of cane sugar production; carbon intelligence software company Emmi; fashion wear rental e-commerce business Rntr; ship brokering digital assistant Spot Ship and wildlife conservation technology business Xylo Systems.

Image: A render of a Kite Magnetics aircraft motor.