Turquoise, the fund manager for Low Carbon Innovation Fund 3 (LCIF3) and the UK’s leading merchant bank specialising in clean technology investments, is pleased to announce an equity investment by LCIF3 in Advanced Electric Machines (AEM) as part of a capital raising round of £15 million.
AEM supplies electric motors that do not require permanent magnets. The result is a drop-in replacement for incumbent motor technologies for truck, bus, passenger car and other applications, whilst offering better efficiency, weight and cost profile. It also addresses growing concerns about supply chain constraints for permanent magnets and the rare earth materials they contain.
Ali Naini, Managing Director at Turquoise, commented: “AEM is an ideal investment for LCIF3: proprietary UK technologies with world-wide application, offering both commercial and environmental benefits, looking for an investor that can lead or help complete the round, in return for sensible investment terms.”
Notes:
Set up by the Innovation Funding Team of the University of East Anglia (UEA), managed by Turquoise International, and utilising returns from funds originally financed by the European Regional Development Fund (ERDF), LCIF3 is the newest chapter of a 16-year co-investment venture capital initiative. Across its previous funds, the programme has invested more than £30 million and leveraged over £160 million of private co-investment into portfolio companies. LCIF3 continues this proven co-investment model, backing early to growth stage companies developing environmentally beneficial technologies, products and services.
Having backed more than 80 companies across its first two funds, the portfolio spans energy and infrastructure, transport and mobility, resource efficiency, agriculture and biodiversity, and sustainable health.
As part of the LCIF initiative, UEA provides a dedicated Investment Readiness Programme for early-stage businesses operating in these sectors. For more information, contact lcif@uea.ac.uk.
For more information about LCIF3 please contact info@turquoise.eu .
