Alva to Scale Production Capacity & Product Portfolio After Successful Funding Round

Cleantech company Alva Industries AS has raised USD11 million (NOK 117 million) in a Series A funding round led by NRP Zero AS and Statkraft Ventures AS. 

According to Alva, the funds will be used to scale the company’s production capacity and product portfolio with the aim of becoming a leading supplier of electric motors in the ever-growing market for industrial drones. 

Founded in 2017, Alva specializes in design and manufacturing of electric motors. Its globally patented FiberPrinting™ technology enables the manufacture of electric motors with improved performance and reliability, and can be used for applications such as drones, robotics, optics, power generation, and maritime propulsion. 

“We are using the drone market as a steppingstone to reach markets where we can create even bigger impact in the future,” said Jørgen P. Selnes, CEO and Co-Founder of Alva Industries. “This investment will enable us to further develop our organization, build a strong customer base and establish high quality production at greater volumes.”