E-mobility and advanced materials venture Tau has secured an investment of a consortium of two Middle Eastern sovereign wealth funds, the Russian Direct Investment Fund (RDIF) and a German investment manager to top up its ongoing series A equity investment round to a total of €6.75m.
This round’s initial investment was made by the corporate venturing arm of German specialty chemicals company Altana AG.
The funds will be used to speed up new product development, widen the product range of high-performance wires and to scale up industrial production to deliver to global producers of electric cars, buses, trucks, aircraft and ship vessels from early 2022 onwards.
“Electrification of transport means for us embracing essential transformational change. It is more than just better materials – it is the reconciliation of our carbon-conscious, sustainable, future-oriented mindset with furious engine power and fun. Tau’s vision is to double the power of electric motors of a given size, and we are excited these investors endorse it and join us,” explains Francesco Taiariol, co-founder and Chief Executive Officer of Tau.
The series A financing corroborates Tau’s rapidly growing momentum with motor developers and product development. As part of the transaction, the new investors take an additional board seat for a minority stake.