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Investment company Riverstone Energy Ltd on Wednesday became the a ‘lead’ investor in Infinitum Electric's Series D funding.
Riverstone led the investment round in the Texas-based motor company, along with Applied Ventures, the venture capital arm of Applied Materials Inc. This $80 million round brought Infinitum Electric's funding to date to $135 million.
The company said that Infinitum Electric will use the investment to complete development and commercialisation of a traction motor for the electric vehicle market.
This is in line with Riverstone's focus on investing in decarbonisation projects.
John Staudinger, Riverstone's managing director, added: ‘Decarbonisation across commercial, industrial and consumer markets driven by ESG and the energy transition creates wide scale opportunities for Infinitum Electric's motors to power a new generation of machines with greater performance, and at a fraction of the carbon footprint of traditional motors.’
Shares in Riverstone Energy were down 0.7% at 674.40 pence in London on Wednesday midday.
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