AEM received financing to develop electric vehicle engines that do not contain rare earth and copper

Advanced Electric Machines (AEM) raised $29 million to scale up production of fully recyclable EV motors that contain no rare earth or copper.

Widmer, the company's chief executive, said the company already used a commercial motor that does not contain rare earth in electric buses and other vehicles in Europe, North America and Asia. The investment will allow the company to start producing a copper-free EV engine for passenger cars and commercial vehicles. Widmer said the engines could increase the driving range of EVs by at least 10%. EV motors made with rare earth permanent magnets contain about 10 kilograms (22 pounds) of copper, while rare earth-free alternatives on the market may contain twice this amount of copper.