Funding boost for innovator

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A SHEFFIELD University spinout has raised £2.5 million to develop its revolutionary drive technology for use in cars and vans.

Magnomatics, based close to Sheffield Parkway, has developed innovative contactless electric motors and magnetic gears and includes some of the world’s largest multinationals among its clients.

Only last year, it secured contracts with Ford and construction plant manufacturer Caterpillar to develop its technology to power hybrid vehicles.

The new funding will be used to develop magnetically geared motors for both the hybrid and fully electric vehicles.

Leading UK intellectual property commercialisation company IP Group and Finance Yorkshire are both investing £1.06 million in Magnomatics, while Fusion IP, the AIM listed business, set up Sheffield University to commercialise academics’ inventions, is investing a further £366,000.

Finance Yorkshire’s Andrew Burton said: “Magnomatics is a high-technology company which has turned ground-breaking research in Sheffield into a commercial enterprise, developing products and services for global customers.”

Fusion’s chief executive David Baynes added: “ Magnomatics has made major technological advances over the last two years and has an impressive list of development contracts.”