More than 40 hi-tech jobs are to be created by an innovative Sheffield University spin-out company as part of a £6 million investment programme.
Sheffield City Region Local Enterprise Partnership has awarded Attercliffe-based Magnomatics £1 million from the Government’s Regional Growth Fund towards the programme to develop the firm’s advanced magnetic transmissions and high-torque motors.
Magnomatics specialises in developing revolutionary motors and transmissions, which use magnetic gears that do not physically mesh.
As a result the motors are quieter, more efficient, more reliable and need less maintenance than current mechanical alternatives.
The new investment comes days after The Star revealed that Magnomatics’ ‘Magsplit’ technology is set to become a key component in hybrid fuel vehicles built around the globe.
It also comes less than a year after the company secured a £2.5 million investment from technology funder IP Group, Finance Yorkshire and Sheffield-based Fusion IP to develop magnetically geared motors and generators for the hybrid and electric vehicle market.
The new funding will be used by Magnomatics to further develop Magsplit and the company’s patented Pseudo Direct Drive (PDD) technology.
Magsplit is designed to replace the mechanical gears needed to allow hybrid vehicles to switch between using a conventional internal combustion engine and electricity to drive the wheels.
With Magsplit the process is done magnetically, so there are no friction losses, fewer components and no gears to wear out, says Magnomatics chief executive Chris Kirby.
Magsplit is also more compact, more efficient and costs less.