Sheffield-based Magnomatics is set to become a major player in the hybrid electric vehicles market following a second major funding round of nearly £1m from Finance Yorkshire.
Established as a spin-out company from the University of Sheffield, Magnomatics’ range of patented products includes high efficiency, ultra compact motors and generators, as well as magnetic transmission systems.
The business is preparing to hit the hybrid electric vehicle market with its ‘MAGSPLIT’ transmission – a combination of a permanent magnet motor and magnet gear which is more efficient, smaller and lighter than competitor products.
Finance Yorkshire has provided a second investment of £933,000 alongside £1.1m from Magnomatics’ co-investor IP Group plc. Together they provided funding in excess of £2m in 2012.
David Latimer, chief executive of Magnomatics, said: “This second investment will enable us to further develop our MAGSPLIT product so that it is closer to be ready for sale to the hybrid electric vehicle sector.
“We have built and tested several of the MAGSPLIT in the last two years and have completed Innovate UK projects with Ford and Volvo and we now are at the point where we are attracting global interest.”
Magnomatics employs a team of experienced and highly qualified engineers at its base in Sheffield and already supplies the renewable energy, aerospace and marine sectors.
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.” It has made 694 investments.