Business Monthly: Â£2m investment into magnetic gear pioneer
A Yorkshire business behind ground-breaking magnetic gear technology is increasing its work with global industries backed by Â£1,999,981 investment from Finance Yorkshire.
Sheffield-based Magnomatics is a high-technology company developing electric gears for some of the world’s largest multinationals from a range of sectors including automotive, renewable energy, rail, aerospace, marine, and oil and gas.
These include a £1.7m project with Rolls Royce to develop a large motor for ships. It is also working with Triumph Group, a Tier 1 supplier to the aerospace industry as well as original equipment manufacturers in the UK, Europe and Asia in the rail and automotive sectors.
It also won a government-backed competition to propose ideas to cut vehicle emissions.
The commercialisation of Magnomatics’ products based on its highly efficient magnetic gear technology has been underpinned by Equity Investment of almost £2m from Finance Yorkshire.
David Latimer, CEO of Magnomatics, said: “Finance Yorkshire’s investments have been invaluable to our business, supporting us through the development phase of our products and enabling us to get the technology used by customers across the world. Their backing came at exactly the right time and has helped secure the strong position we enjoy today.”
Magnomatics employs 31, many of whom are experienced and highly qualified engineers. The workforce includes 23 graduates and the company has recently recruited a second apprentice. A new project manager will be joining in April.
Magnomatics has developed two key products – the Pseudo Direct Drive and the MAGSPLIT. Its work with Rolls Royce – which involves UK electric machines builder ATB Laurence Scott – will develop the PDD for marine applications.
Mr Latimer said: “We believe that this motor will offer significant benefits for marine propulsion by increasing the electrical efficiency compared to existing state of the art electrical machines. Rolls Royce and ATB Laurence Scott are great partners to bring this technology to market.”
Alex McWhirter, chief executive of Finance Yorkshire, said: “Magnomatics is a world-leading technology company based in Yorkshire and employing people in the region. Our investment in Magnomatics, matched by funding from IP Group, has supported the development of its innovative products.”