Malvern-based Momentum Dynamics is aiming at more than $100 million for its next funding round to fuel the company’s next phase of growth, writes Kennedy Rose for the Philadelphia Business Journal.

The wireless electric vehicle charging company is rapidly expanding. It requires capital to grow both its domestic and international presence, according to CEO Andy Daga.

The firm expects the funding to fuel expansion in its last-mile delivery and transit system lines of business.

Momentum Dynamics produces wireless, automatic charging pads for electric vehicles. It markets its product lines to transit systems both domestic and abroad.

The company has recorded rapid growth in recent years, to the point that it cannot manufacture its products in time to keep up with demand.

Since 2010, the business has raised around $90 million, primarily from friends, family, and high-net-worth individuals. It also received an investment from Volvo Group Venture Capital, a Volvo Group subsidiary. For this latest round, Momentum is currently engaging with investment banks.

“Now, we need to raise money to grow what has already been proven, so what we’ve done is de-risk the investment proposition,” said Daga.

Read more about Momentum Dynamics in the Philadelphia Business Journal.