Strategic partnership with FIT will support Powermat’s penetration in the industrial, IoT and mobility markets
Tel Aviv, Israel, Dec 16, 2021 / PRNewswire / – Powermat technologies, Inc., the world’s leading provider of advanced wireless power technology, today announced a significant investment in a US $ 25 million Series B round from Foxconn Interconnect Technology (“FIT”, SEHK stock code: 6088), a leading developer of global connectivity solutions, and the Hudson Sustainable Group, a founding shareholder of Powermat.
Powermat’s innovative wireless power technology is a critical contributor to the smart mobility, autonomous robotics, industrial drones, medical devices, telecommunications and Internet of Things (IoT) industries where Powermat is experiencing exponential growth. The current Series B funding round, led by FIT and Hudson, will be used to fund the company’s increased growth and penetration in key customer segments including automotive, micromobility and autonomous robotics. The strategic partnership with FIT also includes a partnership between FIT and Powermat on go-to-market strategies to advance the companies’ shared goals of entering new and emerging wireless energy markets.
“This investment by FIT and the Hudson Sustainable Group will enable Powermat Technologies to capitalize on the tremendous demand for wireless energy solutions, better address future customer product challenges, and lead the evolutionary cycle of wireless energy technology in the autonomous and IoT sectors.” said the CEO of Powermat Technologies Elad Dubzinski. “We look forward to building on our relationship with FIT as a strategic investor and partner that will enable both companies to consolidate their leadership positions in the marketplace.”
“Access to electricity on a wireless basis is an essential element of the new mobility ecosystem, which is an increasingly important business area for FIT,” said Thomas Fann, Special Assistant to the Chairman, FIT. “OEMs and technology companies are looking for reliable, high-performance, and cost-effective wireless power solutions. Powermat offers OEMs wireless technology solutions with an unmatched level of service that ensures the successful implementation of their reference designs and technologies. We see our investment in Powermat as another step in a mutually beneficial partnership that will help enable the future success of FIT’s business and lead to a deeper penetration of Powermat’s revolutionary technologies in the world’s most innovative industrial segments. “
“We have been working with Powermat Technologies since 2012 and we believe in the company’s development and position as a leading player in the wireless power supply space,” said Neil Auerbach, CEO and managing partner of the Hudson Sustainable Group. “In addition to the superior technology offering and longevity in this area, the Powermat management team has demonstrated a remarkable ability to steer the company into emerging, high-growth markets where there is high demand for wireless charging and power solutions.”
As the first company to bring wireless charging technology to consumers, Powermat is developing advanced Qi-certified and proprietary wireless power technology solutions for various industries and use cases based on magnetic induction, also known as inductive charging. Currently, the company’s solutions can be found in over 800 million smartphones, 40 million embedded accessories and 8 million cars worldwide in partnership with leading high-tech and mobility partners such as FIT, Flex, General Motors, Harman International, Kyocera and Samsung.
Via Foxconn connection technology
Foxconn Interconnect Technology (FIT) is a leading global solutions developer and manufacturer who cultivates connectivity for a better world. With unmatched capabilities in development, research, manufacturing technology and design, manufacturing, supply chain, and go-to-market planning for world-class brands and private label products in the B2C and B2B categories, FIT is at the forefront of global technology trends, delivering compelling user experiences at scale. With offices and production sites in Asia, America and Europe, FIT is a global leader in the manufacture of high-precision connection components.
Further information can be found on the FIT website: fit-foxconn.com.
About the Hudson Sustainable Group
The Hudson Sustainable Group is focused on investing in the global sustainability sector, with an emphasis on renewable energy, resource efficiency and other aspects of sustainable technology. Founded in 2007, Hudson is both a lead investor and investment manager and has made 20 investments in 26 countries to date. For more information, visit www.hudsonsustainable.com.
About Powermat technologies
Powermat technologies offers advanced Qi-certified and proprietary wireless charging platforms for IoT, telecommunications (5G), automotive, robotics, consumer electronics, medical devices and industrial applications. The company’s wireless power platforms and IP licensing program enable global companies to incorporate advanced wireless power technology into their products and customize solutions for unique use cases. Global leaders such as Foxconn Interconnect Technology, Flex, General Motors, Harman International, Kyocera and Samsung already use Powermat technology, and their solutions can be found in over 800 million smartphones, 40 million embedded accessories and 8 million cars worldwide.
Antenna group for Powermat technologies