H3X builds innovative high power density
electric motors for the aerospace, defense, marine, and
heavy industry sectors. The company will utilize the funding to
expand production and bring its megawatt-class electric motors to
market
Infinite Capital leads the round, joined by
Hanwha Asset Management, Cubit Capital, Industrious Ventures,
Origin Ventures, Venn10 Capital, and Lockheed Martin Ventures,
among others
DENVER, Aug. 6, 2024
/PRNewswire/ -- H3X, the leading manufacturer of high power
density electric motors, announced today a $20 million oversubscribed Series A raise. The
funding round was led by Infinite Capital, with participation
from Hanwha Asset Management, Cubit Capital, Origin Ventures,
Industrious Ventures, Venn10 Capital, and follow-on investors that
include Lockheed Martin Ventures, Metaplanet, Liquid 2 Ventures,
and TechNexus.
"We're on an ambitious journey to become the world's leading
supplier of advanced electric motors," said Jason Sylvestre, Co-Founder and CEO of H3X.
"With remarkable speed, we've proven that this technology works and
has a key role to play in enabling sustainable aviation,
decarbonizing the marine and industrial sectors, and unlocking
next-generation electrified defense technology. This funding round
will enable us to scale up production and operations and deliver on
some very large contracts in our pipeline."
"Through the past three years working with H3X, I have seen a
phenomenal display of rapid innovation from the team. Bringing
technical advancements to market this fast is rare, as they have
already commercialized a series of market-leading electric motors,"
said Nathan Doctor, Founder and
Managing Partner at Infinite Capital. "I strongly believe we're
on the verge of electrifying aviation and maritime transport, with
H3X's electric propulsion systems as the foundational
technology."
In the past 24 months, H3X has successfully validated its
high-performance core technology, launched the HPDM-30, HPDM-250,
and HPDM-140 integrated motor drives, and delivered these units to
leading aerospace and defense customers. They also successfully
completed multiple contracts with both NASA and the Air Force. With
the Series A funding, H3X plans to expand production and bring its
next-generation, multi-sector class of integrated motor drives to
the market (HPDM-350, HPDM-1500, and HPDM-2300). The HPDM-1500 and
HPDM-2300 are megawatt-class machines that will significantly
enhance the performance of electric aircraft through their
high power density and fault tolerance. In some cases, aircraft
range can be doubled by using H3X motors versus conventional
solutions by freeing up weight for additional energy storage
onboard. These megawatt-class machines will also unlock new market
segments for H3X in both marine and heavy industry.
"H3X is focused on scaling innovative technologies that we
believe could offer our customers effective solutions for
electrifying legacy, multi-domain systems," said Chris Moran, vice president and general manager
of Lockheed Martin Ventures. "Lockheed Martin's continued
investment in H3X underscores our dedication to advancing
innovative solutions and expanding the defense industrial base to
ensure the U.S and its allies remain ahead of emerging
threats."
"As an investor in frontier technologies, we were immediately
impressed that H3X has solved the biggest engineering challenges to
unlock major benefits for weight and volume sensitive
applications," said Philip Carson
of Cubit Capital. "Notably, every customer spoke about how they
want to work with this team above others. With strong traction
today at the Department of Defense, we're excited about how they
can leverage that success to scale across industries."
Engineered, built, and tested at H3X headquarters in
Denver, Colorado, these advanced
integrated motor drives can scale in power from 30kW to 30MW and
fill a large gap in the market for US-made, high power density
motors and generators. H3X sees hybrid systems playing an
increasingly larger role in the electrification transition of these
industries because of the fuel burn reduction that can be realized
without sacrificing mission range/endurance. This translates to
lower operating costs as well as reduced emissions. In hybrid
applications, H3X's products can be used as either motors or
generators without any hardware modifications required.
About H3X
Founded in 2020 by a team of engineers, H3X
is an advanced technology and electric motor manufacturing company
based in Denver, Colorado. Their
team brings together driven minds from aerospace, automotive, and
motorsports with deep knowledge in electric machines, power
electronics, material science, and advanced manufacturing. They are
heavily vertically integrated: designing, manufacturing, and
testing their integrated motor drives under one roof at their
17,000 sq-ft headquarters facility. The mission of the company is
to become the world's leading supplier of advanced electric motors
by 2030 to drive deep decarbonization in aviation, marine, and
heavy industrial applications and unlock next-generation
electrified defense technology to strengthen national security. For
more information, visit http://www.h3x.tech/ and follow the
company on LinkedIn.
Media Contact
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