Software Motor Corporation (SMC) Completes Asset Based Purchase of HEVT LLC (Astia Alumni)
PRESS RELEASE | Chicago, IL and Silicon Valley, CA | March 26, 2014
Silicon Valley based Software Motor Corporation (SMC) announced today the acquisition of certain assets of HEVT LLC, with a particular emphasis on HEVT’s patented Switched Reluctance Machine (SRM) technology. Financial terms have not been disclosed.
HEVT’s switched reluctance machines leverage smart software along with optimally designed hardware to reduce initial capital investment up to 60% while improving operating efficiency up to 3X relative to competing technologies – all without rare earth metals. This disruptive motor technology creates electric motors that improve performance, efficiency, reliability and affordability. The motors’ design and simplicity of raw materials also creates the opportunity to reduce supply volatility; their manufacture does not require scarce rare earth metals. Both companies’ commercial and technical teams will collaborate to ensure a smooth transition and ongoing support for existing customers and vendors.
“We want to thank our entire team, especially our CEO, Heidi Lubin, for building the commercial value in the organization culminating in this acquisition,” said Robert Anderson, HEVT Chairman. Ms. Lubin will remain a board member of HEVT and Mr. Anderson, also chairman of Hybrid Electric Vehicle Technologies has assumed the additional position of CEO of HEVT LLC.
Mark Johnston, Chairman and CEO of SMC, said, “We join with Mr. Anderson in praising the formative efforts of the HEVT team, including, Ms. Lubin in securing funding from the US Department of Energy, winning the 2013 Grand Prize for Cleantech Open, and securing commercial partners in her tenure at HEVT.”
Mr. Johnston added “SMC is developing smart electric motors based on the SRM technologies. In addition to delivering unprecedented reliability and efficiency, these motors will be intelligent devices on the network, securely feeding information back to the data center where it will be analyzed and optimized so the motors can run at even greater efficiency. Those responsible for the optimal behavior of these smart motors will be able to view the analysis and the behavior of their SMC motors from a range of platforms, including their mobile phones and tablets.”
Hybrid Electric Vehicle Technologies was incubated in the Technology Park at the Illinois Institute of Technology based on technology developed by Professor Ali Emadi and his students in the Power Electronics and Motor Drives Laboratory of the Electrical and Computer Engineering Department. [Contact: Robert Anderson, firstname.lastname@example.org]
Software Motor Corporation was formed in Silicon Valley to bring the benefits of current Internet of Things secure wireless networking and big data technologies to the industrial world of Switched Reluctance Machine technology [Contact: Mark Johnston, email@example.com]