LAPPEENRANTA, Finland (February 29th, 2024)SpinDrive, a trailblazer in the magnetic bearing industry, is thrilled to announce that it has successfully secured €2.5 million grant in funding from the European Innovation Council (EIC) Accelerator. This substantial investment will propel our groundbreaking active magnetic bearings (AMBs) solution forward, revolutionizing the way bearings are designed, manufactured, and utilized across applications. 


Magnetic bearings towards wider range of applications 

Active magnetic bearings (AMBs) represent the next revolution in electric motor technology. They address the limitations of standard high-speed bearing technologies, offering advantages such as reduced friction, enhanced precision, and the ability to operate in extreme conditions. However, despite their potential, AMBs have remained confined to limited applications due to the prohibitive cost and bulkiness of their core component, the controller. 

At SpinDrive, we are developing a new product line, an AMB controller that breaks down these barriers. The new generation controller leverages advanced control algorithms and optimized hardware to achieve unparalleled efficiency. Traditional bearings require regular maintenance, leading to downtime and operational costs. With SpinDrive controller, maintenance becomes a thing of the past, ensuring uninterrupted operation in applications where magnetic bearing technology has been unreachable. It allows real-time monitoring of bearing health. Predictive maintenance alerts ensure optimal performance and prevent unexpected failures. 


Elevating the business opportunity 

By making AMBs suitable for a wider range of applications, we anticipate transformative effects across various sectors. Our vision extends beyond Europe. We aspire to be the go-to provider of AMBs worldwide, enabling the energy revolution. 

“This funding validates our commitment to revolutionizing the bearing industry. We will redefine what AMBs are capable of. The new product line untaps the underlaying potential in a wide range of applications that have been ruled out as potential AMB users. These applications represent market potential of hundreds of millions in short term and billions in a longer run.” nails Janne Heikkinen, CEO at SpinDrive. 


For media inquiries, please contact: 

Janne Heikkinen, CEO 

+358 400 464 823 

Stay tuned as we embark on this exciting journey to create the smallest, most affordable, and efficient active magnetic bearings. Thank you for your continued support! 


About SpinDrive Oy

SpinDrive was founded in Lappeenranta, Finland, in 2015 with the purpose of commercializing magnetic levitation solutions for high-speed machines. SpinDrive’s vision is to become a world leader in advanced magnetic bearing solutions with IoT condition monitoring by increasing eciency and reducing costs and maintenance in industrial bearings. The company aims to help mitigate CO2 emissions by 500Mt by 2050 annually and remove polluting lubricants from industrial production while ensuring profitability and reducing running costs. 

SpinDrive has raised over 10 million to date from a syndicate of VCs and private investors, as well as public funding including the European Commission. The company has customers in Finland, Germany, the USA, Denmark, France, Italy, China and the UK. SpinDrive has oces in Finland and Germany. For more information, visit or follow us on LinkedIn. 


About EIC Accelerator

The EIC Accelerator is a funding program under Horizon Europe that supports start-ups and SMEs with innovative, game-changing products, services, or business models. It aims to create new markets or disrupt existing ones by providing grants of up to €2.5 million and equity investments of up to €15 million, along with coaching, mentoring, and networking opportunities.  

For more information about the EIC Accelerator, visit the official website. 


SpinDrive. Feb 29th, 2024