According to Electrive, Siemens was one of the leading investors, funding WiTricity with 25 million USD, while the Japan Energy Fund and Mirae Asset Capital were among the other participants.

WiTricity CEO Alex Gruzen said that "this new capital will allow us to accelerate product to market for both passenger and commercial wireless charging and speed the development of our unique always-available wireless V2G capabilities allowing parked EVs to return power to the grid."

Siemens expects that the EV wireless charging market will hit 2 billion USD in 2028 in North America and Europe combined.

Japan is also an important market when it comes to EV wireless charging, as the country starts adopting more and more electric cars, where easier charging methods could make driving these vehicles more seamless.

Yohei Kiguchi, Founder and CEO of Japan Energy Fund, added that "with the recent increase in EV uptake in Japan, we see a strong need for technologies that offer simple charging solutions for drivers."

"WiTricity’s technology does exactly that. We are confident that wireless charging will be a gamechanger", he mentioned.

WiTricity received another important investment back in 2021, when the company was given 52 million USD from participants such as Mitsubishi Corporation, Future Shape and Stage 1 Ventures.