High-tech business wins deal £1.7m Rolls Royce

TECHNOLOGY business Magnomatics is breaking ground with a series of major contracts following a £2m funding boost.

Since 2012, co-investor IP Group invested £1.1m and Finance Yorkshire has allocated £933,000 to the growing firm.

Sheffield-based Magnomatics supplies magnetic gear technology to the automotive, renewable energy, rail, aerospace, marine, and oil and gas industries.

Since the funding boost, the business has won several contracts including a £1.7m contract with Rolls Royce. It will develop a large motor for ship propulsion.

Magnomatics is also supplying the Triumph Group, part of the aerospace chain.

David Latimer, chief executive of Magnomatics, said: “We believe that this motor will offer significant benefits for marine propulsion by increasing the electrical efficiency compared to existing state of the art electrical machines. Rolls Royce and ATB Laurence Scott are great partners to bring this technology to market.”

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: “Magnomatics is a world-leading technology company based in Yorkshire and employing people in the region. 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.”