Finance Yorkshire provide second major investment to Sheffield technology company
A Sheffield-based high technology engineering company will soon take the hybrid electric vehicles market by storm after receiving a second major funding round from Finance Yorkshire
Formed as a corporate spin-off company from the University of Sheffield, Magnomatics produces an array of patented products including a high efficiency, ultra compact motors and generators, as well as magnetic transmission systems.
The tech company is already distributing products to several different sectors in the engineering industry that includes renewable energy, aerospace and marine.
Furthermore, it is also preparing to crash into the hybrid electric vehicle market with the ‘MAGSPLIT’ transmission – a combination of the permanent magnet motor and magnet gear which is more efficient, smaller and lighter than competitor products.
Finance Yorkshire has given a second Equity Linked Investment of £933,000 along with the £1.1m from Magnomatics’ co-investor IP Group plc. In 2012, the combined funds from Finance Yorkshire and IP Group totalled an estimated £2m.
At this current time, Finance Yorkshire has made 694 investments totalling £90 million, creating and protecting 9,240 jobs.
David Latimer, CEO 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.”
Andrew Burton, Finance Yorkshire investment director, 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. Our second substantial co-investment will enable David and his team to take advantage of the global opportunities available in the hybrid electric vehicle market while at the same time continuing to build growth in its core renewable energy, aerospace and marine sectors.”
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