Fusion IP is upping its stake in Magnomatics, the Sheffield-based developer of advanced magnetic transmissions and high-torque motors.
The specialist investor, set up by Sheffield University to commercialise university research and back spin-outs, is investing £385,000 to up its stake in Magnomatics from 31 per cent to 39 per cent.
The announcement comes at the same time as Magnomatics has secured a £1 million Regional Growth Fund grant and not long after it was revealed that Magnomatics’ ‘Magsplit’ technology is to become a key component in hybrid fuel vehicles built around the globe.
Fusion IP chief executive David Baynes says the size of Fusion’s stake in Magnomatics was reduced last year when the company raised £2.5 million from investors who included IP Group and Finance Yorkshire, as well as Fusion IP itself.
Mr Baynes says Fusion IP is delighted with the progress Magnomatics has made and pleased to be able to increase its stake, after completing its own round of fundraising in March.