Highlights
- Three Indian startups (Chara, Conifer, Viridian) are pioneering alternative motor technologies without traditional rare earth magnets.
- Companies are developing cost-effective solutions like synchronous reluctance motors and ferrite-based technologies to reduce supply chain dependencies.
- These innovations could position India as a global leader in sustainable mobility and industrial motor technologies.
As China tightens its grip on rare earth magnet exports, Indian startups are responding not with protest—but with innovation. Bengaluru-based Chara Technologies (opens in a new tab), Pune-based Conifer (opens in a new tab), and Chennai’s Viridian Ingni Propulsion (opens in a new tab) are pioneering rare earth-free motor technologies, aiming to end dependence on neodymium and other magnet materials dominated by Chinese supply chains.
Chara’s flagship product is a magnet-free synchronous reluctance motor (SynRM) that generates torque by directing magnetic flux without permanent magnets. CEO Bhaktha Keshavachar (opens in a new tab) admits the motor is 15% heavier than conventional rare-earth-based designs but highlights its “cost predictability and supply chain resilience.” Already deployed in EVs, industrial systems, and agri-machinery, Chara’s modular platform is gaining sector-agnostic traction.
Conifer, with R&D in the San Francisco Bay Area and manufacturing in India, has developed axial flux motors using ferrite magnets—about 1/15th the cost of neodymium. Co-founder Ankit Somani (opens in a new tab) claims their drop-in motors offer up to 30% higher EV efficiency and 50% size and weight reduction in industrial applications. Their software-driven, low-tooling model enables fast, low-cost scaling.
Meanwhile, Viridian Ingni Propulsion takes a hybrid approach: blending reluctance torque with ferrite magnet assistance to achieve cost-effective performance. Founder Sriram G says their systems are 15–20% heavier, but drastically cheaper—ferrite magnets cost just ₹600/kg vs. ₹5,000/kg for neodymium. The company plans to expand internationally by 2026.
All three stress localization and sustainability, sourcing domestically wherever possible to reduce geopolitical and environmental risk. With India’s booming two-wheeler and light commercial EV market as a test bed, these firms could position India as a global leader in rare-earth-free mobility.
Unanswered Questions for Investors:
- Can these solutions scale quickly enough to meet the growing global demand for EVs and industrial applications? We have asked similar questions of groups such as Niron Magnetics in the USA.
- How will performance and cost trade-offs evolve as regulatory and customer requirements increase?
- Will governments provide R&D and export incentives to accelerate the substitution of rare earths?
Retail and institutional investors should watch this space: If successful, these Indian startups could shake up not just the rare earth market—but the entire global motor industry. However, it will require time, capital, execution, and some good fortune.
By Sandeep Budki | Source: Financial Express (opens in a new tab)
Leave a Reply