King of Prussia-based InductEV, a startup specializing in wireless charging for electric vehicles, has secured $20 million in new funding, reports Ryan Mulligan for the Philadelphia Business Journal.
They also appointed John Rizzo as its new CEO. Rizzo, a Stanford University alum who worked on the original Apple Macintosh, replaces Barry Libert, who will move to vice chairman. Rizzo joined the company in March 2023 as chief technology officer and president.
InductEV produces wireless charging pads that allow electric vehicles to recharge while running. The technology, capable of being powered by solar energy, is designed for commercial vehicles and fleets. Customers include transit agencies and logistics companies who use the pads to charge their vehicles during operations.
Rizzo, a veteran of Silicon Valley, brings extensive experience from Intel, Apple, Nvidia, and Oracle. Under his leadership, the company has achieved 100 percent year-over-year revenue growth over the last three years. They expect to surpass that in 2025.
To meet growing demand, InductEV transferred its production to Detroit Manufacturing Systems and plans to raise an additional $35 million in 2025.
The company currently has 65 employees and expects to double its workforce by the end of 2025. Its chargers are already used by hundreds of vehicles, with that number expected to reach thousands in the coming years.
Read more about InductEV in the Philadelphia Business Journal.
