The global site of the UK's leading magazine for automation, motion engineering and power transmission
18 August, 2017

Product and Supplier Search

Facebook

Magnetic gear developer raises £2.5m to fund growth

22 November, 2012

Magnomatics, a British company that develops magnetically coupled gears, couplings and geared motors, has raised £2.5m to develop light, quiet, efficient direct-drive motors for the hybrid and electric vehicle market. The Sheffield-based company, which was spun out of the University of Sheffield in 2006, designs and builds novel magnetic transmissions and compact, high-efficiency motors and generators for global customers including Ford and Caterpillar.

“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,” says Magnomatics’ managing director, Chris Kirby. “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 has invested £1.06m with Finance Yorkshire providing matching funding, while Fusion IP has invested £366k. The first tranche of funds, totalling £2.25m has already been invested. A second tranche of £246k depends on certain milestones being achieved. When the full £2.5m funds have been invested, Fusion IP’s shareholding will be 31%.

“Magnomatics has made major technological advances over the last two years and has an impressive list of development contracts with many of the world’s leading manufacturers,” says Fusion IP’s CEO, David Baynes. “We look forward to working with the management team and new investors, as Magnomatics brings these novel systems to market.”




Magazine
  • To view a digital copy of the latest issue of Drives & Controls, click here.

    To visit the digital library of past issues, click here

    To subscribe to the magazine, click here

    To see the latest Products & Services Directory, click here

     

Exhibition

Birmingham 2018The next Drives & Controls Exhibition and Conference will take place in Birmingham, UK, from 10-12 April, 2018. For more information on the event, visit the Show Web site

Poll

"Do you think that robots create or destroy jobs?"

Newsletter
Newsletter

Events

Most Read Articles