A Yorkshire business behind ground-breaking magnetic gear technology is increasing its work with global industries backed by investment from Finance Yorkshire.
Sheffield-based Magnomatics is a high-technology company developing products for some of the world’s largest multinationals from a range of sectors including automotive, renewable energy, rail, aerospace, marine, and oil and gas.
These include a £1.7m project with Rolls-Royce to develop a large motor for ship propulsion. Magnomatics is working with Triumph Group, a Tier 1 supplier to the aerospace industry as well as original equipment manufacturers in the UK, Europe and Asia in the rail and automotive sectors.
Additionally, Magnomatics has successfully secured a significant project within a £38m Government backed competition launched at the end of 2015 which encouraged companies to propose innovative ideas to cut vehicle emissions.
Winning the competition is an acknowledgement of the innovation and advanced technology developed by Magnomatics which will involve a collaborative development with the University of Sheffield to develop a more efficient transmission system for vehicles employing pioneering technology using magnets.
The commercialisation of Magnomatics’ products based on its highly efficient magnetic gear technology has been underpinned by Equity Investment of almost £2m from Finance Yorkshire.
David Latimer, CEO of Magnomatics, pictured right with Alex McWhirter of Finance Yorkshire, said: “Finance Yorkshire’s investments have been invaluable to our business, supporting us through the development phase of our products and enabling us to get the technology used by customers across the world. Their backing came at exactly the right time and has helped secure the strong position we enjoy today.”
Magnomatics employs 31 people many of whom are experienced and highly qualified engineers. The workforce includes 23 graduates and the company has recently recruited a second apprentice. A new project manager will be joining the company in April.
Alex McWhirter, Chief Executive of Finance Yorkshire, said: “Our investment in Magnomatics, matched by funding from IP Group, has supported the development of its highly innovative products which are now being widely used, demonstrating Magnomatics’ strong growth in its key sectors.
“Finance Yorkshire backs ambitious companies with ideas and concepts that have the potential to become ground-breaking – we’re delighted to have been part of the Magnomatics’ journey to success.”
To date, Finance Yorkshire has invested over £104 million in Yorkshire and Humber, enabling companies to increase their turnover by £366 million and attract a further £257 million from other private sector sources.