Victorian government funds electric vehicle motor startup, Kite Magnetics, creating over 140 jobs.

The Victorian Government is investing in Kite Magnetics, a startup developing Aeroperm, a nanocrystalline motor technology for electric vehicles. Aeroperm promises lighter, more efficient motors, leading to smaller batteries and longer driving ranges. The investment will support the construction of a new manufacturing facility in Melbourne, creating over 140 skilled jobs and up to 550 indirect jobs, with production targets of 50,000 tons per year by 2029. This initiative aims to boost the local economy and benefit the broader automotive industry.

2 months ago
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