C-Motive Technologies (c-motive.com), creator of the world’s first commercially viable electrostatic motor, announces the successful closing of a $2 million financing round led by Prime Impact Fund of Boston with other investors including Clean Energy Trust of Chicago. The financing will enable C-Motive to launch its first product for initial customers.

C-Motive’s product is a complete reinvention of the electric motor. For 130 years, electric motors and generators have relied on the same design and materials: steel, copper coils, and rare earth permanent magnets. Those materials determine a motor’s size, weight and cost, which limits performance in applications ranging from automotive and power generation to robotics and propulsion. Most motors today are efficient only at very high speeds and require extensive gearing for use at low speeds. This adds complexity, cost, weight, and efficiency loss.

“In terms of a new motor that moves the needle on performance, there really have been no options,” said Justin Reed, CEO and cofounder of C-Motive. “The electric motor as we know it today cannot achieve more than incremental advances. That’s what pushed us to think ‘what if there was another way?’ It turns out there is. We just had to apply modern methods and materials to a concept conceived by Benjamin Franklin.” Read the full story here.