Alva Industries Secures $11 Million in Series A Funding

Alva Industries AS, a company focused on clean technology, has successfully secured $11 million (approximately NOK 117 million) in a Series A funding round, spearheaded by NRP Zero AS and Statkraft Ventures AS.

Investment Goals and Future Plans

The capital raised will be directed towards enhancing the company’s production capabilities and expanding its product range, with the objective of establishing itself as a premier provider of electric motors in the rapidly expanding industrial drone sector.

About Alva Industries

Established in 2017, Alva specializes in the design and production of electric motors. The company’s innovative FiberPrinting technology, wich is globally patented, allows for the creation of electric motors that boast superior performance and reliability. This technology is applicable in various fields, including drones, robotics, optics, energy generation, and marine propulsion.

Leadership Insights

“We view the drone industry as a launchpad to penetrate markets where we can make a meaningful impact in the future,” stated Jørgen P. Selnes, CEO and Co-Founder of Alva Industries. “This funding will empower us to enhance our organizational structure, cultivate a robust customer base, and establish high-quality production at larger scales.”

Funding Contributors

The Series A funding round also saw participation from the Japanese venture capital firm Drone Fund, Norwegian entrepreneur Jakob Hatteland, along with existing investors and employees.

“we are thrilled to deepen our investment in Alva and are eager to work alongside both new and existing stakeholders and the management team to further advance the company,” remarked Carl Petter Finne, Managing Partner at NRP Zero, who has been a shareholder as April 2022.

Strategic Fit for statkraft Ventures

Torgunn oldeide, Investment Director at Statkraft Ventures, expressed enthusiasm about Alva’s alignment with their investment strategy: “We are excited to support a talented team on their journey to becoming a leading supplier of motors and propulsion systems, as well as their initiatives beyond the drone sector.”

Market Challenges and Alva’s Solutions

“Electric motors are crucial components of drones,” noted Soki Ohmae, General Partner at Drone Fund. “Current market offerings frequently enough suffer from inconsistent performance and lifespan. In our quest for a company capable of addressing these challenges, we discovered Alva Industries. Their unique patented technology and expertise in developing reliable, long-lasting motors made our decision to invest an easy one.”

Production Capacity and Future Expansion

Currently,Alva has the capacity to produce 1,000 motors annually,with plans to ramp up to 15,000 motors by 2024. By 2025, the company aims to expand its workforce to over 100 employees and increase its manufacturing space by an additional 1,000 square meters, enabling high-volume production of approximately 100,000 motors each year.