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£500,000 boost for magnetic innovators
MAGNOMATICS, the Sheffield University spin-out behind a range of innovative high efficiency and high torque magnetic drives and motors, has got a £500,000 boost.
The company, which has developed revolutionary drives that use magnetic gears that do not physically mesh, will use the investment to expand its team of experts and increase the pace of its development. The White Rose Technology Seedcorn Fund, which invests in new technology emerging from Sheffield, Leeds and York Universities, is pumping 350,000 into the company, with existing shareholder, Fusion IP putting up the rest of the cash.
Magnomatics magnetic gears are quieter, more efficient, more reliable and require less maintenance than conventional mechanical alternatives. The company, which evolved from Sheffield University's world leading electrical machines and drives research group and is based at the Sheffield Bioincubator, has also developed motors which incorporate magnetic gearing.
Magnomatics managing director, Chris Kirby, said: "This investment will not only allow us to grow our team of experts, but will allow us to increase the pace of our development.
"We will also be able to vigorously pursue and progress international opportunities, ensuring that our ground-breaking technology has real impact in a number of rapidly expanding and diverse industries."
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Weather for Sheffield
Wednesday 08 February 2012
Today
Sunny spells
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