Mavel, founded in Italy in 1999, will be a supplier of core components for Nio‘s next-generation platform, Nio Capital said.
Italian powertrain manufacturer Mavel Powertrain has received an investment from Nio Capital and will be a supplier to Nio’s next-generation models.
Nio Capital recently led a Series A financing round for electric drive solutions provider Mavel, the Chinese venture capital firm said in a press release today.
Mavel has closed Series A and Series A+ rounds amounting to tens of millions of dollars, Nio Capital said, adding that the Italian company will be a supplier of core components for Nio’s next-generation platform.
Mavel was founded in Italy in 1999 and was formed by a team of European scientists, according to Nio Capital.
The company’s name derives from the combination of the Italian words Macchina (machine) and Veloci (high speed), which means “high-speed machine”.
Mavel is committed to providing customers with electric drive products that deliver higher performance, lower cost, and superior system-level benefits, according to the Nio Capital press release.
The company’s technology is recognized by a number of world-renowned automotive companies, with key customers including Aston Martin, McLaren, Ducati, Energica, Norton and Nio, according to the release.
Mavel’s drive systems feature innovative structural and engineering designs that provide significant performance advantages in terms of efficiency, speed, and power density, said Ian Zhu, a managing partner of Nio Capital.
Mavel’s founders have over 20 years of experience in the automotive industry, and the core team comes from well-known automotive companies including Jaguar Land Rover, Mercedes-Benz, BMW, SAIC and BAIC, according to Nio Capital.
The electric drive system consists of the drive motor, motor controller and transmission system, and is the heart of a new energy vehicle (NEV), the release reads.
The performance of the electric drive system determines the vehicle’s power performance, economy, and plays a crucial role in the comfort and safety of the vehicle.
As a key component of NEVs, the development direction of the electric drive system is determined by the needs of downstream automakers, and high speed and miniaturization are the challenges currently posed by the automotive industry to electric drive manufacturers, the release said.
Mavel owns numerous patented technologies with world-leading electric drive performance, and has a strong first-mover advantage with extremely high technical barriers, Nio Capital said.
Nio Capital’s No. 1, managing partner William Li, is also the founder, chairman and CEO of Nio. The venture capital firm focuses its investments on the NEV industry chain.
On September 8, 2022, US-based advanced suspension startup ClearMotion secured $39 million in funding, led by Nio Capital. It’s not clear if Nio’s future models will feature products offered by ClearMotion, though.
In addition to investing in companies directly related to electric vehicles, Nio Capital’s investments include some aimed at longer-term strategies.
In May, Nio and Nio Capital co-invested in fusion startup Neo Fusion, which aims to make controlled fusion commercially available worldwide within 20 years.