WAVE commercializes a wireless electric-transfer system developed and tested at Utah State University that embeds charging pads in roads to power buses and reduce onboard battery size. The technology uses high-frequency magnetic fields to transfer large amounts of power across an air gap and has been used to power Utah’s first wireless electric bus. The company completed a successful on-campus test run and is commercializing the research while working with city transit authorities including New York, Seattle, and Monterey. WAVE expects implementation in roughly 10 more cities by the end of 2014, is rapidly hiring, and is moving into a larger Salt Lake City facility. The company plans to partner with makers of electric delivery trucks to expand into that market. Financially, WAVE recently closed a venture round and has additional funding from city contracts and a federal research grant, with USU holding an equity stake.

Total raised

$1M

Funding rounds

1

Latest round

Equity

Latest activity

Oct 2013