Magnomatics (
www.magnomatics.com), a spin-out company from the University of Sheffield, has received funding of £2 million from Finance Yorkshire and IP Group plc.
It has a number of patented products, including high-efficiency ultra-compact motors and generators, as well as magnetic transmission systems. The business is supplying its products to the renewable-energy, aerospace and marine sectors and is preparing to enter the hybrid electric-vehicle market with its Magsplit transmission device — a combination of a permanent magnet motor and magnet gear that is said to be more efficient, smaller and lighter than competitor products.
Chief executive David Latimer (pictured left) said: “This second investment will enable us to further develop our Magsplit product, so that it is closer to being ready for sale to the hybrid electric-vehicle sector.
"We have built and tested several Magsplit devices in the last two years and have completed Innovate UK projects with Ford and Volvo. We are now at the point where we are attracting global interest.”
Finance Yorkshire investment director Andrew Burton said: “Magnomatics is a highly innovative world-leading technology company, which has reached a critical stage in the development and testing of its Magsplit product.
"Our second substantial co-investment will enable Mr Latimer and his team to take advantage of the global opportunities available in the hybrid electric-vehicle market, while at the same time continuing to build growth in its core renewable-energy, aerospace and marine sectors.”