Strategic Partnership With FIT Will Support Powermat's Penetration in the Industrial, IoT, and Mobility Markets
TEL-AVIV, Israel, Dec. 16, 2021 /PRNewswire/ -- Powermat Technologies, Inc., the global leader in advanced wireless power technology, today announced a significant investment as part of a US $25 million Series B round, by Foxconn Interconnect Technology ("FIT", SEHK stock code: 6088), leading in global connectivity solutions developer, and Hudson Sustainable Group, a founding shareholder of Powermat.
Powermat's innovative wireless power technology is a critical enabler of the smart mobility, autonomous robotics, industrial drones, medical devices, telecom, and internet of things (IoT) industries, where Powermat is experiencing exponential growth. The current Series B funding round, led by FIT and Hudson, will be used to fund the company's increased growth and penetration in key customer segments, including automotive, micromobility, and autonomous robotics. The strategic partnership with FIT will also involve FIT and Powermat partnering on go-to-market strategies to further the companies' shared goals of capturing new and emerging markets for wireless power.
"This investment by FIT and Hudson Sustainable Group will allow Powermat Technologies to capitalize on the huge demand for wireless power solutions, to better solve customers' future product challenges, and to lead the evolutionary cycle of wireless power technology in the autonomous and IoT sectors," said Powermat Technologies CEO Elad Dubzinski. "We look forward to building on our relationship with FIT as a strategic investor and partner, which will enable both companies to cement their leading positions in the market."
"Access to power on a wireless basis is an essential element to the new mobility ecosystem, which is a business area of increasing focus for FIT," said Thomas Fann, special assistant to the chairman, FIT. "OEMs and technology companies are looking for reliable, high performing, and cost-efficient wireless power solutions. Powermat delivers wireless technology solutions to OEMs with an unmatched level of service that ensures the successful implementation of their reference designs and technologies. We view our investment in Powermat as another step in a mutually beneficial partnership that will help enable the future success of FIT's business and lead to deeper penetration of Powermat's revolutionary technologies across the world's most innovative industry segments."
"Having worked with Powermat Technologies since 2012, we have a strong conviction in the progress of the company and its position as one of the leading players in the wireless power space," said Neil Auerbach, CEO and managing partner of Hudson Sustainable Group. "In addition to its superior technology offering and longevity in the space, Powermat's management team has demonstrated remarkable adeptness in steering the company towards emerging high growth markets where there is a high demand for wireless charging and power solutions."
As the first company to bring wireless charging technology to consumers, Powermat develops advanced Qi-certified and proprietary wireless power technology solutions for various industries and use-cases based on magnetic induction, also known as inductive charging. Currently, the company's solutions can be found in over 800 million smartphones, 40 million embedded accessories, and 8 million cars worldwide, in partnership with leading high-tech and mobility partners including FIT, Flex, General Motors, Harman International, Kyocera, and Samsung.
About Foxconn Interconnect Technology
Foxconn Interconnect Technology (FIT) is a leading global solutions developer and manufacturer cultivating connectivity for a better world. With unsurpassed capabilities in development, research, manufacturing engineering and design, production, supply chain, and go-to-market planning for world-class brands and private label products spanning B2C and B2B categories, FIT is at the forefront of worldwide technological trends delivering compelling user experiences at scale. With offices and manufacturing sites located in Asia, the Americas and Europe, FIT is a global leader in the manufacturing of high precision interconnect components.
For more information, visit FIT's website: fit-foxconn.com.
About Hudson Sustainable Group
Hudson Sustainable Group is focused on investing in the sustainability sector globally, with an emphasis on renewable energy, resource efficiency, and other aspects of sustainable technology. Founded in 2007, Hudson acts as both a principal investor and investment manager, and has made 20 investments to date in 26 countries. For more information, visit www.hudsonsustainable.com.
About Powermat Technologies
Powermat Technologies provides advanced Qi-certified and proprietary wireless charging platforms for IoT, telecom (5G), automotive, robotics, consumer electronics, medical devices, and industrial applications. The company's wireless power platforms and IP licensing program enable global businesses to incorporate advanced wireless power technology into their products and customize solutions for unique use cases. Global market leaders including Foxconn Interconnect Technology, Flex, General Motors, Harman International, Kyocera, and Samsung are already leveraging Powermat's Technology, and its solutions can be found in over 800 million smartphones, 40 million embedded accessories, and 8 million cars worldwide.
Media Contact:
Annika Harper
Antenna Group for Powermat Technologies
annika.harper@antennagroup.com
