Spin-off company Magnomatics receives GBP1 million grant

Spin-off company Magnomatics receives GBP1 million grant

Business news |
Magnomatics, a University of Sheffield spin-off company specialized in the development of green technologies, has been awarded a GBP1 million Regional Growth Fund (RGF) by the Sheffield City Region LEP (Local Enterprise Partnership).
By eeNews Europe

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The grant, along with almost GPB5 million of investment from Magnomatics, will create at least 41 new jobs by early 2015 and allow the Company to invest in developing its innovative advanced magnetic transmission systems and high-torque electrical product portfolio, including the PDD (Pseudo Direct Drive) and MAGSPLIT.

The company will use the investment to further develop its solutions for small and large scale applications.

In 2012 Magnomatics secured GBP2.5 million funding to develop magnetically geared motors and generators for the hybrid and electric vehicle market. £1.06 million was provided by IP Group which was matched by Finance Yorkshire. Fusion IP also invested £366,000 in the technology.

Visit Magnomatics at www.magnomatics.co.uk

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