Lappeenranta-based SpinDrive has secured €2.5 million in funding from the European Innovation Council (EIC) Accelerator. The company specializes in magnetic bearings and aims to revolutionize the industry with its active magnetic bearings (AMBs) solution, which offers reduced friction, enhanced precision, and the ability to operate in extreme conditions. With the funding, SpinDrive plans to further develop its AMB controller, leveraging advanced control algorithms and optimized hardware to make AMBs more cost-effective and efficient. This will allow the company to expand its product line and make AMBs suitable for a wider range of applications, ultimately aiming to become a global leader in the field.
SpinDrive, established in 2015, specializes in magnetic levitation solutions for high-speed machines. The company’s vision is to become a global leader in advanced magnetic bearing solutions with integrated IoT condition monitoring, aiming to enhance efficiency, reduce costs, and minimize maintenance in industrial bearings.
SpinDrive is committed to environmental sustainability, targeting a reduction of 500Mt of CO2 emissions annually by 2050 and eliminating polluting lubricants from industrial production, all while ensuring profitability and decreasing operational expenses. The company has raised over €10 million to date from a syndicate of venture capitalists, private investors, and public funding sources, including the European Commission. SpinDrive serves customers in Finland, Germany, the USA, Denmark, France, Italy, China, and the UK, operating from offices in Finland and Germany.
SpinDrive is developing an advanced AMB controller to overcome the cost and size limitations that have restricted the use of active magnetic bearings (AMBs) in various applications. This new controller utilizes advanced control algorithms and optimized hardware to improve efficiency and reduce maintenance costs. By enabling real-time monitoring and predictive maintenance alerts, SpinDrive aims to make AMBs more accessible and reliable, potentially revolutionizing electric motor technology and expanding their use in various industries worldwide, including the energy sector.
“This funding validates our commitment to revolutionizing the bearing industry. We will redefine what AMBs are capable of. The new product line untaps the underlaying potential in a wide range of applications that have been ruled out as potential AMB users. These applications represent market potential of hundreds of millions in short term and billions in a longer run.” states Janne Heikkinen, CEO at SpinDrive.
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Read the orginal article: https://arcticstartup.com/spindrive-raises-e2-5-million-grant/
