King of Prussia electric vehicle charging company InductEV, formerly known as Momentum Dynamics, has raised nearly $19 million in funding following a significant rebranding effort and an expansion in both personnel and facilities. The company's latest developments include the addition of four new C-suite members, the opening of a new headquarters, and launching a state-of-the-art 50,600-square-foot facility at 660 Allendale Road.
This impressive growth comes just before the onset of the pandemic when InductEV established its innovative lab and innovation center within the Great Valley Corporate Center. CEO Barry Libert expressed confidence that this strategic move would create "a space suitable to the rapidly growing demand" for their wireless charging technology while accommodating their expanding team.
As part of ongoing efforts to strengthen its position in the market, InductEV continues to hire new executives who will contribute their expertise to further propel its success. The company's wireless charging pads cater primarily to fleets of vehicles used by commercial clients and public transit agencies alike.
CEO Barry Libert said: "Our recent rebranding signifies not only our commitment but also our vision towards making EV transportation more efficient through cutting-edge solutions." He added that raising almost $19 million in funding is indicative of investors' trust in InductEV's potential as it aims to revolutionize electric vehicle infrastructure across various sectors.
The advancements made by this King of Prussia-based firm come at a time when companies worldwide are increasingly recognizing environmental sustainability as an essential goal. As such, they're looking towards eco-friendly alternatives for corporate operations like replacing traditional fuel-powered fleets with electric vehicles (EVs).
InductEV plays a vital role within this context by providing seamless wireless EV charging options designed specifically for large-scale deployments – particularly those involving commercial or municipal transport services. With considerable financial backing secured amidst ambitious expansion plans already underway, there's no doubt that the company is well-positioned to meet the rapidly growing demand for EV charging solutions in today's increasingly eco-conscious landscape.