Malvern-Based Momentum Dynamics in Midst of Major Fundraising Round for Its ‘E-ZPass of Energy’
Malvern-based Momentum Dynamics is in the midst of an eight-figure fundraising round to deploy its product worldwide, writes Michelle Caffrey for the Philadelphia Business Journal.
The company creates modular wireless charging pads for electric vehicles.
In May, Momentum filed two Form Ds with the SEC, documenting $9 million in funding through debt, options, and warrants. This brought the company’s total funding to $15.8 million.
According to CEO Andy Daga, the funds are the first tranche in an upcoming investment. This is part of the company’s ongoing funding goal of tens of millions in investment.
One of the early investors was the Volvo Group’s subsidiary, Volvo Group Venture Capital. Other backers have been more unexpected, said Daga.
“We’ve got a lot of interest coming our way from oil interests and traditionally petroleum-focused investors,” he said.
Momentum is focused on wireless charging of electric vehicles. This allows buses, cabs, commercial, and private vehicles to fuel up on smart-charging pads while parked, loading, or waiting at taxi stands.
Drivers pay for their power using what Daga refers to as the “E-ZPass of energy,” as it uses a similar concept to E-ZPass.
Read more about Momentum Dynamics in the Philadelphia Business Journal here.
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