Compact Power Motors raises €5m to fund rapid expansion

Press Release

Munich, Germany – Compact Power Motors GmbH (CPM) – manufacturer of the world’s most compact electric power drives – is pleased to announce today that it has completed a €5m financing round to support its rapid growth plans.  The funding was led by Environmental Technologies Fund (ETF) and included existing investors Munich Venture Partners and KfW Bankengruppe.

One quarter of global electricity is consumed by electric motors, so optimising motor efficiency is increasingly important.  Moreover, the young but fast-growing market for electric vehicles places new demands on electric motors – they need to be powerful, efficient and compact.  CPM’s motors are 2 to 10 times more powerful and significantly more energy-efficient than competing products of similar size or cost. 

Nico Windecker, CEO of CPM, says, “Our smaller motors have the size of a Coke can, yet produce more than 8 horsepower – and our larger machines weigh only 9 kg but exceed 100 horsepower. Our motors’ outstanding strength, low cost and high efficiency save battery power, installation space and weight, making them ideally suited for electric mobility applications. This has enabled us to quickly enter the market and sell thousands of motors within only 18 months of the company’s inception. We continue to grow fast and are very pleased to have ETF on board to help us achieve our global ambitions.”

Soenke Mehrgardt and Rolf Nagel of Munich Venture Partners comment: “CPM has succeeded in reinventing the electric motor. Its team has fundamentally reengineered the motor design to achieve a much higher performance than was thought possible before. We have known the team and seeded the company since mid 2008, and we are proud of what they have achieved so far. “

Patrick Sheehan, Partner at ETF, adds “ETF believes in supporting successful growth companies whose products enable the more efficient use of the world’s resources. We have been interested in the electric motor market for some time. In CPM we found a well-managed company with a truly outstanding product and great growth prospects. There are many opportunities to accelerate growth further and to firmly establish CPM as a leader in its field. We are looking forward to helping the company achieve its full potential.”

Ends

 
Notes to Editors:
About Compact Power Motors:
CPM Compact Power Motors GmbH develops and manufactures novel electric motors, generators and complete drive solutions with perfectly aligned components (motor/generator, power controller, gearbox and battery) for electric vehicles from bikes to passenger cars, wind turbines, automotive auxiliary power units, power tools and all kinds of industrial applications. Its proprietary brushless, permanent-magnet synchronous motor technology enables world-leading efficiency, size and weight to competing products. CPM’s product portfolio is ‘made in Germany’ and covers power outputs from 500 W to 80 kW at only 1.5 to 9 kg and over 96% efficiency. For further information see www.cpmotors.eu.

About Munich Venture Partners:
Munich Venture Partners was founded in 2004 by senior managers of the high technology industry, and experienced venture capital professionals. As the prime venture capital partner of the Fraunhofer-Gesellschaft, one of the world’s leading research organizations for applied research, Munich Venture Partners invests in selected high-tech start-ups in the energy, information and communication technology space. For further information see www.munichvp.com.

About Environmental Technologies Fund (ETF):
Environmental Technologies Fund L.P. is a £110m venture and growth capital investment fund with a highly-focused mission: “To support and finance fantastic growth companies whose products and services deliver a significant environmental and economic benefit”. ETF provides entrepreneurs with a top-quality venture capital group in Europe dedicated solely to Cleantech. The team is backed by leading institutional investors and has a great deal of experience – gathered over decades – of working in Venture Capital and with environmental companies. ETF is supported by the European Communities Growth and Employment Initiative, MAP – the ETF Startup Facility. For further information see www.etf.eu.com.