Enedym Inc. Secures Investment from Honda Motor Co., Ltd.

Enedym’s next generation switched reluctance motor (SRM) drive technology requires no permanent magnets or rare earth metals

Enedym Inc. (“Enedym”), a technology company thatdevelops next generation switched reluctance motors (SRMs), electric powertrains, and powertrain controls, announced today an investment from Honda Motor Co., Ltd. (“Honda”). Honda invests in innovative startups through its global open innovation program, Honda Xcelerator Ventures. The new investment will be used to accelerate Enedym’s patented motor technology development and ramp up its operations.

Enedym is headquartered at the McMaster Innovation Park in Hamilton, Ontario, Canada. Enedym has ownership of over 70 patents and pending patent applications and related inventions developed by the Canada Excellence Research Chair Laureate Dr. Ali Emadi and his research group at the McMaster Automotive Resource Centre (MARC), McMaster University. The Company is focused on the development of electric motors completely free from any rare earth metals. The Enedym team has also developed a disruptive digitization platform to design electric motors at a fraction of both the time and cost of existing methods.

Dr. Ali Emadi, Founder, President, and CEO of Enedym commented, “At Enedym, we have redefined what switched reluctance motors can do. Through proprietary motor configurations, cutting-edge control strategies, and comprehensive design optimization, we have overcome the traditional limitations of SRMs. Our high-performance motors are quiet, efficient, powerful, and scalable.” Dr. Emadi added, “We are very pleased that Honda sees the potential of our motor technology. We are excited to deepen our partnership with Honda and welcome them as our strategic investor.”

"Enedym has an innovative switched reluctance motor technology that does not require any rare earth materials. Most electric propulsion motors today use permanent magnets made from rare earth metals, which are expensive and environmentally challenging. Enedym motors do not use any permanent magnets, and Honda has high hopes for its potential," said Manabu Ozawa, Managing Executive Officer of Honda Motor Co., Ltd.

About Enedym Inc.

Enedym is a technology start-up company from McMaster University. The company is headquartered at the McMaster Innovation Park in Hamilton, Ontario, Canada. Enedym’s vision is to significantly reduce the cost of electric motors and electrified powertrains, and power a new paradigm in electrification through novel electric motor drive technologies, controls, and digitization techniques. Enedym aspires to help save the planet, one electric motor market at a time. To learn more about Enedym, please visit https://www.enedym.com.

About Honda Motor Co., Ltd.

Established in 1948, Honda is a global mobility company with its head office in Tokyo. To realize a sustainable and safe society, Honda seeks to achieve zero environmental impact and zero traffic collision fatalities involving Honda motorcycles and automobiles by 2050. Towards achieving these goals, Honda will continue to discover, collaborate with, and invest in innovative startups through Honda Xcelerator Ventures*, our global program for open innovation.

*Honda Xcelerator Ventures is Honda’s global open innovation program designed to facilitate collaboration between startups and Honda. This global program is led by Honda Innovations Co., Ltd., a subsidiary of Honda Motor Co., Ltd.

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