|
30 September 2008
University spin-out driven by £500,000 investment
Source: Yorkshire Post, 29 September 2008
Magnomatics, a University of Sheffield spin out, has received a £500,000 boost to develop magnetic motors.
Fusion IP, which commercialises academic research, has invested £150,000 as part of £500,000 funding round in Magnomatics. Another £350,000 was invested by Yorkshire's White Rose Technology Seedcorn Fund.
The company has invented a range of high-efficiency and high-torque magnetic gearboxes, motors and generators suitable for use in wind turbines, hybrid cars, aircraft and domestic energy products.
Following this funding round, Fusion IP will have a 48 per cent shareholding in Magnomatics.
David Baynes, chief executive of Fusion IP, said: "We believe Magnomatics' technology for using magnetic attraction in gears and motors could have a revolutionary impact on the wind turbine and hybrid car industries.
"This investment, in partnership with the White Rose Technology Seedcorn Fund, will enable Magnomatics to complete its first development contract in the wind turbine sector and bring its novel technology closer to market."
|
