The Victorian government will offer investments in the direction of a new production facility for a startup that could change the future of Electric Vehicle engines.
Kite Magnetics was founded in 2021 after CEO Dr. Richard Parsons had developed his currently patented nanocrystalline motor/generator-core technology, called Aeroperm, at the Monash University of Melbourne.
In the first instance, aerospace in Mind is developed, it is claimed that Aeroperm is an ultra-efficient material that is used to produce even lighter, more compact and efficient electric motors for vehicles.
Smaller engines means smaller EV batteries and therefore reduced weight, which can lead to a larger driving range.
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While Kite Magnetics is already supported by numerous leading risk capital companies, including the 2B Sovereign Wealth Fund of Victoria, the extra, unknown support from the state governance has now received the extra, unknown support.
This includes investments in a new advanced production facility in Melbourne, claimed not only to help accelerate the development and production of Aeroperm-out-rusted productions, but also create more than 140 very competent jobs and a maximum of 550 indirect jobs.
Kite Magnetics claims that the facility will enable Aeroperm to increase the production of Aeroperm to 50,000 tons per year by 2029, which will not only influence the local economy, but will also lead to a wider profit for the car industry.
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Walkinshaw’s proposed new site in Dandenong South
The announcement comes in the midst of a flourishing of niche Australian companies in the post-mass production landscape of the car industry.
Last year, the Walkinshaw Automotive Group-the parent of the now-known Holden-Special Vehicle site broke on a new site in Dandenong South, Melbourne, planning to accommodate a 100,000 square meter factory towards the end of 2025.
This will be the new house of the overhaul programs for companies such as General Motors and Toyota, while it also builds caravans through its New Age brand and a competitive Supercars team in Walkinshaw Andretti United.
MORE: The reborn car industry of Australia is expanding with a new factory
