Sheffield University Spin Out Company Secures £500,000 Investment To Develop Wind Turbine Generator Technology

White Rose Technology Seedcorn Fund (WRTSF) has invested £350,000 in Magnomatics Ltd, a university of Sheffield spin-out company, which is developing new energy efficient motors and generators that are the world's most compact. WRTSF led the £500,000 funding round with Fusion IP plc (AIM: FIP), Magnomatics major shareholder investing £150,000.

Magnomatics has invented a range of novel high efficiency and high-torque magnetic gears, motors and generators suitable for use within wind turbines, ships, hybrid cars, aircraft and many industrial machines.

High-torque mechanical gearboxes, such as those used in the rapidly expanding industrial wind power generation market, require significant maintenance and are prone to costly failure. Magnomatics' novel motor and generator technology can remove the requirement to use gearboxes in many applications and give quieter, lighter and more efficient industry solutions.

Dr David Milroy of Aberdeen Asset Managers, which manages the White Rose Technology Seedcorn Fund, said: “Magnomatics possesses an innovative technology with application potential in several very attractive markets. In a short time the company has progressed its technology to a stage where it is getting real traction in the market place and a number of companies are interested in partnering. We are delighted to be backing a management team who are experts in their field and are passionate about commercialising their technology.”

Chris Kirby, Managing Director of Magnomatics said: “This investment will increase the pace of our development and will ensure that our ground-breaking technology has real impact in a number of rapidly expanding industries.”

Commenting on this announcement, David Baynes, CEO 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 among many others. This investment, in partnership with the White Rose Technology Seedcorn Fund, will enable Magnomatics to bring its novel technology closer to market.”

For further information please contact:

Monica Green
The Partners Group
Tel: 01904 610077
Email: monica@partners-group.co.uk