Gear firm raises £2.5m to target EV market
Sheffield based firm Magnomatics has raised £2.5million to further develop its magnetically geared motors for the hybrid and electric vehicle market.
Spun out of the University of Sheffield in 2006, Magnomatics creates novel proprietary magnetic transmissions and ultra compact motors and generators for various industries, including renewable energy, automotive, aerospace and defence.
The company's system is said to offer vehicle manufacturers a lighter, quieter, more efficient direct drive motor. The money will also allow Magnomatics to expand its global reach and reputation.
"The investment will not only allow us to grow our team of internationally renowned experts, but will allow us to take our fully proven magnetic transmissions and ultra-efficient motors through to mature product offerings," commented Chris Kirby, Magnomatics md, pictured. "We will also be able to vigorously pursue and progress our international opportunities, ensuring that our ground-breaking technology has real impact in a number of diverse national and international markets".
IP Group invested £1.06m while Finance Yorkshire provided match funding from its Equity Linked and Fusion IP invested £366k. The first tranche of funds, totalling £2.25m have been invested and the second tranche of £246k is dependent on certain milestones. When the full £2.5m funds are invested, Fusion IP's shareholding will be 31%.
