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.
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