NX Technologies lands €1.9M EU grant for light EV traction inverters
What's the deal? NX TechnologiesDealroom has a profile for this one. Try Dealroom →, a Spanish power-electronics company for electric mobility, has secured a €1.9 million grant from Spain's PERTE for Electric and Connected Vehicles (PERTE VEC)Dealroom has a profile for this one. Try Dealroom →. The money funds research and development of a new range of traction inverters for light electric vehicles, running from 2026 to 2029.
Who's behind it? The grant comes through the PERTE VEC's fifth call, part of Spain's Recovery, Transformation and Resilience Plan. It is managed by the state industrial development body SEPIDESDealroom has a profile for this one. Try Dealroom → and financed by the European Union-NextGenerationEUDealroom has a profile for this one. Try Dealroom →.
What does NX do? Based in Donostia-San Sebastián, the company designs and manufactures traction inverters — the component it calls the "brain" of an electric vehicle — plus battery management systems. Its products span vehicle types from motorcycles and quadricycles to trucks, buses, and tractors.
Why now? NX is scaling. Since its founding, it has raised more than €10 million in public and private funding, including a €3.2 million private round, and invested €5.2 million in R&D. Its roughly 40-person team grew 50% in the past year.
What's the endgame? The grant targets light electric mobility, a fast-growing segment with few specialised suppliers, where compact, lightweight inverters are decisive.
"With this new range we want to put top-quality technology within reach of a whole universe of light vehicles that today has hardly any European makers meeting the market's future requirements," said chief executive officer Mikel Peral (translated from Spanish). NX already works with several manufacturers and operates in the Netherlands, France, the UK, India, and the US.
The signal: At €1.9 million, the grant ranks in the 94th percentile among all-time grant rounds for energy companies in Spain — a sizeable public bet on Europe building its own supply chain for EV traction technology.
Read more: capital-riesgo.es
Image credit: Generated with Gemini
