This website uses cookies primarily for visitor analytics. Certain pages will ask you to fill in contact details to receive additional information. On these pages you have the option of having the site log your details for future visits. Indicating you want the site to remember your details will place a cookie on your device. To view our full cookie policy, please click here. You can also view it at any time by going to our Contact Us page.

Magnomatics raises £2.5m to fund EV drivetrain developments

23 November 2012

Magnomatics has raised £2.5m from several sources to further develop its novel magnetically geared motors for the hybrid and electric vehicle market.

Chis Kirby

The funding will enable the Company to complete the development of its magnetically geared motors for the burgeoning electric and hybrid vehicle market. The system offers the motor vehicle manufacturers a lighter, quieter, more efficient direct drive motor. It will also allow the Company to expand its global reach and reputation. 

IP Group has invested £1.06m, Finance Yorkshire has provided match funding from its Equity Linked Fund, whilst 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%.

Chris Kirby (pictured), managing director of Magnomatics commented: “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. 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”.

Magnomatics, which was spun out of The University of Sheffield in 2006, creates proprietary magnetic transmissions and ultra compact and efficient motors and generators for some of the world’s largest multinationals. The Company is active in a range of industries, including renewable energy, automotive, aerospace and defence.


Contact Details and Archive...

Print this page | E-mail this page

Drives and Controls 2020