Strengthened leadership team supports company expansion following year of immense growth, innovation and accolades

Austin, Texas – December 20, 2023 – Infinitum, creator of the sustainable air-core motor, today announced the expansion of its leadership team and key 2023 highlights following a year of record demand and transformative growth. Bhavnesh Patel has been appointed to Chief Strategy Officer, Paulo Guedes-Pinto has been appointed to Chief Technology Officer and Mike DiNucci joins Infinitum as Chief Revenue Officer.

As Chief Strategy Officer, Bhavnesh Patel will oversee Infinitum’s long-term strategic planning and initiatives. He joined Infinitum in 2019 as VP of Business Development and most recently served as SVP of Sales and Marketing. Patel brings more than 20 years of experience building and leading teams that deliver extraordinary revenue growth and customer loyalty to his new role as Chief Strategy Officer.

As Chief Technology Officer, Paulo Guedes-Pinto will oversee Infinitum’s R&D and technical operations. He joined Infinitum in 2019 as VP of Technology and brings more than three decades of engineering leadership experience focused on the design and manufacturing of motors and drives to his new role as Chief Technology Officer.

Mike DiNucci joins Infinitum as Chief Revenue Officer where he will oversee and drive alignment for all revenue generation activities. DiNucci brings to Infinitum nearly three decades of experience helping hyper-growth companies grow and achieve scale. Prior to Infinitum, DiNucci held senior executive positions with electric mobility companies ChargePoint and Xeal Energy where he specialized in building high-performance, go-to-market teams.

“Building upon the success we’ve experienced over the last year, we’re excited to expand our executive team with these proven, industry veterans and effective business leaders,” said Ben Schuler, founder and CEO, Infinitum. “Our immense 2023 growth is reflective of the fact that the world is ready for the next generation of motors that are designed and built with our planet in mind, and we look forward to innovating and scaling the company further in 2024.”

Additional 2023 highlights include:

• Funding: Secured $185 million in Series E funding to expand the company, increase production to meet customer demand and drive decarbonization in the industrial sector
• Growth: Increased revenue and unit volumes sold by nearly 5 times compared to the prior year
• Manufacturing: Expanded and fully automated a production facility in Mexico to mass produce motors; acquired Circuit Connect, Inc. a printed circuit board (PCB) fabricator to support Infinitum’s efforts to become more vertical and allow for higher production capacity of PCB stators
• Partners: Entered into an exclusive agreement with Rockwell Automation, Inc. (NYSE: ROK) to jointly develop and distribute a new class of high-efficiency, integrated low voltage drive and motor technology; created a strategic technology collaboration with Infineon Technologies, a global semiconductor leader in power systems and IoT that drives decarbonization and digitalization with its products and solutions
• Products: Introduced Aircore Mobility, a next generation, propulsion and traction motor designed to power and extend the range of passenger and commercial electric vehicles; introduced a new EC motor designed specifically for data center cooling applications
• Awards: Collected numerous high-profile industry awards including three CES Innovation Honoree designations, a Gold Edison Award, a Sustainability Leadership Award from the Business Intelligence Group, a Top Product of the Year Award from the Environment + Energy Leader Awards, an ARMA Innovator of the Year award, an ABJ Best Place to Work Award and an Austin Inno Blazer Fire Award
• Team Expansion: Increased employee headcount by 67 across engineering, operations, manufacturing and sales

In 2024, Infinitum will continue to invest in product innovation, manufacturing and growing the company to meet demand.

To learn more about Infinitum’s sustainable motor technology and the company’s career opportunities, visit www.goinfinitum.com.

About Infinitum

Infinitum has raised the bar for a new generation of motors that is better for the planet and people. The company’s patented air core motors offer superior performance in half the weight and size, at a fraction of the carbon footprint of traditional motors, making them pound for pound the most efficient in the world. Infinitum’s electric motors open up sustainable design possibilities for the machines we rely on to be smaller, lighter and quieter, improving our quality of life while also saving energy. Based in Austin, Texas, Infinitum is led by a team of industry experts and pioneers. To learn more, visit goinfinitum.com.