Magnomatics, a Sheffield, UK-based company that develops novel proprietary magnetic transmissions and ultra compact and efficient motors and generators. has raised £2.5m in funding.
IP Group will invest £1.06m, Finance Yorkshire will provide match funding from its Equity Linked Fund and Fusion IP will invest £366k.
The company is using the capital to complete the development of its magnetically geared motors for the hybrid and electric vehicle market.
Led by Chris Kirby, CEO, Magnomatics has developed lubricant-free magnetic transmissions and ultra high-torque electrical machines that offer new engineering possibilities for a range of applications including wind turbines, hybrid vehicles and marine propulsion systems.
The company, which spun out of The University of Sheffield in 2006, is currently active in a range of industries including renewable energy, automotive, aerospace and defence.
FinSMEs
22/11/2012