Monash University spinout company, Kite Magnetics, has secured $1.85M funding to support the next phase of the development of electric motors that will enable future aircraft to fly further, carry more and emit less.
Using ground-breaking technology created by Monash researchers Dr Richard Parsons and Professor Kiyonori Suzuki from the Department of Materials Science and Engineering, Kite Magnetics are making electric motors that will not only increase the range of electric aircraft but also enable a cleaner future for air travel.
With the support of investors including Investible Climate Tech Fund, Galileo Ventures, Possible Ventures and Breakthrough Victoria, Kite Magnetics' work will accelerate the arrival of new generation aviation.
"Kite Magnetics is a deep-tech hardware start-up developing the technologies required for a new age of electric aviation, one that is safer, quieter, significantly cheaper and emissions-free," says Dr Richard Parsons, Founder and CEO of Kite Magnetics.
"Our electric motors use a newly developed proprietary magnetic materials technology that allows electric motors to be significantly lighter and more efficient than anything available on the market today," he says.
The Monash-developed technology involves combining novel nanocrystalline magnetic materials with advanced manufacturing methods to produce what Kite Magnetics believes will be the world's highest-performance electric motors.
"Our electric motors and generators will be smaller, lighter and more efficient thanks to our newly developed magnetic materials that have an energy loss 10 times smaller than those materials used in conventional electric motors," Dr Parsons says.
Kite Magnetics will design, build, test and manufacture electric motors from the ground up at their Clayton-based facility.
Breakthrough Victoria CEO Grant Dooley said the electric motor technology was an example of Victoria's world class innovation capabilities with potential to grow local manufacturing for clean technologies.
"Kite Magnetics is a shining example of how Victoria's world class research can be spun out into an exciting early stage start-up, with the potential to grow Victoria's advanced manufacturing sector and create jobs within the state," he said.
He added that the investment in Kite reinforced Breakthrough Victoria's strategy of investing for impact, given the technology's potential to reduce emissions and capture the opportunities from decarbonisation and electrification.
"Victoria's track record for innovation positions the state to become a major contributor to the world's move towards a low carbon future and secure the state's future competitiveness and prosperity in the near and the long term," Mr Dooley said.
Kite Magnetics is the latest company to be launched out of the Monash Technology Precinct, an innovation, translation and commercialisation ecosystem that contributes over $9.4 billion to the Victorian economy each year.
The Kite Magnetics spinout demonstrates Monash's capability in renewable energy technologies and our commitment to making these discoveries a reality through research translation, partnerships and commercialisation.
"Monash is a leader in translating ground-breaking research into real-world commercial success stories, from the next generation pharmaceuticals to additive manufacturing, cleantech and energy. This latest Monash spinout is the 19th since 2018," says Monash University's Chief Commercialisation Officer Dr Alastair Hick.
Professor Doron Ben-Meir, Deputy Vice Chancellor (Enterprise & Engagement) and Senior Vice President of Monash University says that Kite Magnetics is an excellent example of the many practical ways in which Monash University is implementing the University's Impact 2030 Strategy.
"Not only does this spinout directly contribute to our collective goal of mitigating the Climate Change challenge, but the commercialisation activity directly enriches our research efforts and provides a context for exciting educational experiences for our students - which, in turn, stimulates more creative ideas in a virtuous circle of innovation," Professor Ben-Meir said.
"In this way, the Monash Technology Precinct's collaborative, thriving research and commercialisation ecosystem provides a talent pool for industry and government to deliver solutions to the most critical issues facing our world."
The Monash Technology Precinct is the largest employment hub outside Melbourne's CBD, contributing 95,000 jobs and $9.4 billion to the Victorian economy each year. It is home to more than 125 start-ups, state-of-the-art research platforms and over 40 world-class research and development, industry and trade partners including globally recognised brands such as CSIRO, Australian Synchrotron, Johnson & Johnson Innovation, Pfizer/Hospira, and Lockheed Martin. The precinct has generated over $342 million in research income since 2018.
