Magnomatics to use £1m RGF grant to generate 41 new jobs
07 August 2013
Magnomatics, a University of Sheffield spin out company, has been awarded a £1m Regional Growth Fund by the Sheffield City Region Local Enterprise Partnership.
The grant, along with almost £5 million of investment from Magnomatics, will create at least 41 new jobs by early 2015 and allow the Company to invest in developing its innovative advanced magnetic transmission systems and high-torque electrical product portfolio, including the PDD (Pseudo Direct Drive) and MAGSPLIT.
Magnomatics, which currently works with a number of internationally renowned companies, will use the investment to further develop its solutions for small and large scale applications.
Chris Kirby, Managing Director at Magnomatics said: “The LEP’s [Local Enterprise Partnership's] RGF [Regional Growth Fund] investment in Magnomatics is helping our company transition its innovative products into production for use in electric vehicles, trains and ships around the world and is creating a number of new highly skilled jobs at our Company.”
LEP Board member David Grey MBE and RGF Steering Group lead said: “Access to RGF funding is allowing businesses to bring forward expansion plans that may not have happened in these uncertain times. This programme is demonstrating what can be achieved when the public and private sector work together.”
Cllr Leigh Bramall, the Cabinet member responsible for the Business Development and Skills portfolio at Sheffield City Council (which administers the fund on behalf of the LEP), visited Magnomatics and saw first-hand the innovative products being developed by the Company. Cllr Bramall said “I am impressed by the important advances being made by Magnomatics and its commitment to create high-value engineering jobs in Sheffield.”
In 2012 Magnomatics secured £2.5m funding to develop magnetically geared motors and generators for the hybrid and electric vehicle market. £1.06m was provided by IP Group which was matched by Finance Yorkshire. Fusion IP also invested £366,000 in the technology.
Contact Details and Archive...