Siemens has invested $25 million in WiTricity, a wireless charging technology company specialising in EV charging. By investing, Siemens has acquired a minority stake in WiTricity, and entered the EV wireless charging market in earnest.
Whilst WiTricity has raised more than this in previous single rounds of funding, it is a significant gesture by Siemens showing a genuine interest in WiTricity’s wireless charging technology. Siemens is well positioned globally to enable widescale roll out of EV charging technology and is already heavily involved in wired EV charging infrastructure. This partnership could first help to accelerate standardisation of wireless charging for EV and then rollout of solutions. SAR Insight & Consulting forecasts the EV wireless charging market in its Wireless Power and Charging Technologies service and EV charging station infrastructure in its EV Charging service.