Sheffield-based Magnomatics, which supplies its magnetic gear technology to the automotive, renewable-energy, rail, aerospace, marine, and oil and gas industries, reports that it is “breaking ground” with a series of major contracts after receiving funding worth £2 million since 2012 — £1.1 million from the IP Group and £933,000 from Finance Yorkshire.
Since this funding boost, the business has won several contracts, including a £1.7 million deal with Rolls-Royce to jointly develop a large motor for ship propulsion.
Magnomatics employs 31 people, including 23 graduates, and has recently recruited a second apprentice. A new project manager will be joining the company by the end of this month.
Chief executive David Latimer said: “We believe that this motor will offer significant benefits for marine propulsion through increased electrical efficiency. Rolls-Royce is a great partner with which to bring this technology to market.”
Alex McWhirter, chief executive of Finance Yorkshire, said: “Magnomatics is a world-leading technology company based in Yorkshire and employing people in the region. Our investment, matched by funding from the IP Group, has supported the development of its highly innovative products.”