Following a branding, personnel and facilities overhaul, a King of Prussia electric vehicle charging company has raised nearly $19 million in funding, according to financial filings.
InductEV, previously Momentum Dynamics, makes charging pads that give electric vehicles the ability to charge wirelessly while still running. The company has raised $18.97 million of a total offering of $27.52 million, according to a recent filing with the U.S. Securities and Exchange Commission. The funding is a combination of equity, debt and options, the filing shows.
The influx of funding comes as the tech company has undergone a series changes. In the past year, InductEV has rebranded, added four new C-suite members along with three vice presidents, and opened a new headquarters. The move saw the tech company relocate from Malvern to King of Prussia, where it opened a 50,600-square-foot facility at 660 Allendale Road. InductEV has plans to build the space into a "true state-of-the-art lab and innovation center," according to an April 11 news release.
The company declined to comment for this story.
In announcing the new headquarters, InductEV CEO Barry Libert said it would be a space that is suitable to the "rapidly growing demand" for the product and a growing team. Then as Momentum Dynamics, in 2019 the company had previously planned a 103,000-square-foot space in the Great Valley Corporate Center before the onset of the pandemic.
Libert, a serial entrepreneur, took over as chairman and CEO of InductEV last July. He previously founded and led Aequus Partners, Milestone Properties, MZinga Learning Technologies and AIMatters, all based in the Boston area. Joining Libert is President and Chief Operating Officer Chuck Russell, who spent time as chief engineer of electric vehicles at General Motors and as a vice president at luxury electric vehicle startup Karma Automotives. John Rizzo, who was CEO of travel software company Deem Inc. and spent time at Oracle, Apple and Intel, joined as InductEV's managing director, strategy and corporate development.
Libert added chief revenue and marketing officers, along with vice presidents of supply chain, corporate development and people operations. InductEV is continuing to hire, with Libert saying in a news release last month that the company is "scaling up for our 10X expansion this year."
InductEV's chargers are mainly used by fleets of vehicles, serving both commercial and public transit clients. On the commercial side, the company's customers include Jaguar and Volvo. Public and private transit fleets using InductEV's charging pads include the Indianapolis Public Transportation Corp., Martha's Vineyard Transit Authority and Kansas City International Airport.
The company was founded in 2009 by Andy Daga, who was the CEO of then Momentum Dynamics for some 13 years. Previous funding includes a $35.2 million round in December 2021 and $8 million a year ago, according to documents filed with the SEC.
Investors in the company include motor vehicle manufacturing company Oshkosh Corp. and investment firm RCHEnergy, according to Pitchbook.
