AURA SYSTEMS INC

AURA SYSTEMS INC, a Delaware corporation founded in 1987, innovated and commercialized Axial Flux Induction electric motors and generators. The company's axial flux induction motor technology ("AAFIM") offers an industrial solution that does not use permanent magnets or rare earth elements. These motors are smaller and lighter, using significantly less materials (just copper and steel), and require significantly less copper. They provide very high efficiency, are highly reliable, and do not require scheduled maintenance. Electric motors are used globally in infrastructure, major structures, and various industries. Approximately 30 million motors are sold annually for industrial use alone. Common industrial applications for these motors include compressors, fans and blowers, heavy-duty equipment, HVAC systems, pumps, and machine tools such as lathes and mills. The global trend towards electrification has also created a substantial demand for motors in electric transportation for vehicles, planes, and boats ("EV"). In these applications, one or more electric motors are used for propulsion. Most electric motors currently used for electric mobility utilize high-energy rare earth permanent magnets, typically sintered neodymium-iron-boron (NdFeB) made or processed in China, due to their high efficiency and small size. It is anticipated that over 100 million electric motors will be needed annually by 2032 to meet the growing EV market demand.