Last month, ePropelled announced the closing of its series A round of financing. BostInno—the online tech arm of the Boston Business Journal—picked up on the news and interviewed our CEO Nick Grewal for an article titled “Pool Pumps, Drones and EVs: How a Lowell Startup Aims to Take Over the Electric Motor Market.”
BostInno covered the company’s focus and financial outlooks, starting with the results of our first financing round.
“A Lowell startup building electric propulsion systems and motors for everything from cars to drones to pool pumps has raised $15 million in Series A financing.
The company, ePropelled, has expanded rapidly since its founding in 2018, adding a testing center in New Hampshire and facilities in the U.K. and India.
Founder Nick Grewal, a serial entrepreneur who in 1996 sold his internet company Nashoba Networks to Cisco for $100 million, was inspired to work on the problem of electric motors after buying his first electric car.”
When he looked inside the car, he realized that it wasn’t impressive at all and that it could be done better. But Nick doesn’t want to build cars. He wants to build the technology used inside them—the powertrain, hardware, and software. As he puts it, he wants to be the equivalent of “Intel inside” in the EV business.
ePropelled is using their green motors as a revenue launchpad. As the article states, there is “a huge market for efficient [motors and] pumps like [ePropelled’s], which is 97, 98% efficient. […] That market has been boosted by laws in Europe and elsewhere requiring a minimum efficiency for those motors.
Their efficiency, especially compared to older induction electric motors, is what makes ePropelled’s motors standout in general, said the founder.”
With the finalizing of the series A round of financing, we continue our focus on working towards taking over the electric propulsion markets. Our groundbreaking technology makes motors much more efficient and to get them to consumers, we will now build out our sales channels, supply chain, and operations.
ePropelled is the future of electric propulsion. Our proven technology inspired investors, who will see it grow and thrive. Read more here.