H3X, a leading manufacturer of high power density electric motors, announced today a $20 million oversubscribed Series A raise. This funding round was led by Infinite Capital, with participation from Hanwha Asset Management, Cubit Capital, Origin Ventures, Industrious Ventures, Venn10 Capital, and follow-on investors that include Lockheed Martin Ventures, Metaplanet, Liquid 2 Ventures, and TechNexus.
In the past couple of years, H3X successfully validated its high-performance core technology, launched the HPDM-30, HPDM-250, and HPDM-140 integrated motor drives, and delivered these units to leading aerospace and defense customers. And they also successfully completed multiple contracts with both NASA and the Air Force.
With the Series A funding round, H3X plans to expand production and bring its next-generation, multi-sector class of integrated motor drives to the market (HPDM-350, HPDM-1500, and HPDM-2300). And the HPDM-1500 and HPDM-2300 are megawatt-class machines that will significantly enhance the performance of electric aircraft through their high power density and fault tolerance. In some cases, aircraft range can be doubled by using H3X motors versus conventional solutions by freeing up weight for additional energy storage onboard. These megawatt-class machines will also unlock new market segments for H3X in the marine and heavy industry.
Engineered, built, and tested at H3X headquarters in Denver, Colorado, the advanced integrated motor drives can scale in power from 30kW to 30MW and fill a large gap in the market for US-made, high power density motors and generators. And H3X sees hybrid systems playing an increasingly larger role in the electrification transition of these industries because of the fuel burn reduction that can be realized without sacrificing mission range/endurance. This translates to lower operating costs as well as reduced emissions. In hybrid applications, H3X’s products can be used as either motors or generators without any hardware modifications required.
KEY QUOTES:
“We’re on an ambitious journey to become the world’s leading supplier of advanced electric motors. With remarkable speed, we’ve proven that this technology works and has a key role to play in enabling sustainable aviation, decarbonizing the marine and industrial sectors, and unlocking next-generation electrified defense technology. This funding round will enable us to scale up production and operations and deliver on some very large contracts in our pipeline.”
– Jason Sylvestre, Co-Founder and CEO of H3X
“Through the past three years working with H3X, I have seen a phenomenal display of rapid innovation from the team. Bringing technical advancements to market this fast is rare, as they have already commercialized a series of market-leading electric motors. I strongly believe we’re on the verge of electrifying aviation and maritime transport, with H3X’s electric propulsion systems as the foundational technology.”
– Nathan Doctor, Founder and Managing Partner at Infinite Capital
“H3X is focused on scaling innovative technologies that we believe could offer our customers effective solutions for electrifying legacy, multi-domain systems. Lockheed Martin’s continued investment in H3X underscores our dedication to advancing innovative solutions and expanding the defense industrial base to ensure the U.S and its allies remain ahead of emerging threats.”
– Chris Moran, vice president and general manager of Lockheed Martin Ventures
“As an investor in frontier technologies, we were immediately impressed that H3X has solved the biggest engineering challenges to unlock major benefits for weight and volume sensitive applications. Notably, every customer spoke about how they want to work with this team above others. With strong traction today at the Department of Defense, we’re excited about how they can leverage that success to scale across industries.”
– Philip Carson of Cubit Capital
