Just Climate and billionaire Tom Steyer’s Galvanize Climate Solutions have invested in Infinitum, a technology company that produces a low-carbon industrial motors, for their latest deal. Just Climate‘s $1.5 billion industrial decarbonisation fund led the $185 million Series E funding round. Galvanize, a climate venture fund that closed at $1 billion last month, also participated, alongside existing investors such as New York-listed Rockwell Automation, Chevron’s corporate venture fund and Alliance Resource Partners.
Infinitum has developed a variable frequency for electric motors that enables them to run at lower speeds when possible – which in turn reduces their electricity usage, according to an emailed statement from the company. Motors make up 70 percent of the US industrial sector’s energy usage, the statement added. The fresh capital will be used to expand Infinitum’s production to meet demand.