Siemens Invests in WiTricity for Development of Wireless EV Chargers

German automation leader Siemens, based in Munich, has invested $25 million and acquired a minority stake in American wireless charging technology company WiTricity.

The two companies will work together to pioneer new developments in the emerging wireless EV charging market. The market is expected to reach a valuation of $2 billion by 2028 in Europe and North America alone, as per Siemens' estimation.                     

The German conglomerate will also become a technology license partner, making the most of WiTricity's extensive experience and decade-long collaboration with global automotive OEMs to develop proven wireless charging solutions.

"Combining Siemens' global footprint and EV charging portfolio with WiTricity's innovative technology is the first step towards elevating our offering in the wireless charging space. This will speed up deployment of wireless charging technology, support standardization, and advance public charging infrastructure with interoperable solutions for drivers' convenience," said Markus Mildner, CEO, Siemens eMobility.

There are no moving parts or physical connectors with a wireless charger. A pad mounted on the ground exchanges power with a receiving coil attached to the underside of the EV.

A magnetic field transfers energy between the charging pad and the vehicle coil when the vehicle is over the charging pad.       

"Wireless charging enables a driver to just park and walk away, returning to a charged vehicle. Wireless charging makes EVs more appealing for individual owners and more cost-effective for commercial operators. We are excited to partner with a leader like Siemens to help drive this new world of compelling solutions," said Alex Gruzen, CEO, WiTricity. "Siemens and WiTricity share the goal of improving EV ownership and fleet management with the matchless simplicity and reliability of wireless charging.”