Magnomatics has raised £2.5m to complete the development of its magnetically geared motors for the hybrid and electric vehicle market.
Spun out of Sheffield University of in 2006, Magnomatics develops novel proprietary magnetic transmissions and ultra-compact motors and generators.
The company supplies its products to some of the world’s largest multinationals and is active in industries including renewable energy, automotive, aerospace and defence.
The funding, announced by university IP commercialisation company Fusion IP, will enable Magnomatics to complete the development of its magnetically geared motors for the burgeoning electric and hybrid vehicle market.
IP Group will invest £1.06m, Finance Yorkshire will provide match funding from its Equity Linked Fund and Fusion IP will invest £366,000.
The first tranche of funds, totalling £2.25m, has been invested and the second tranche of £246,000 is dependent on certain milestones.