Turbine technology investment for Fusion
FUSION has invested £150,000 as part of £500,000 funding round into a University of Sheffield spin-out.
Magnomatics has invented a range of high efficiency and high-torque magnetic gearboxes, motors and generators suitable for use within wind turbines, hybrid cars, aircraft and domestic energy products.
Other funding has been invested into the company during the funding round, which was led by the White Rose Technology Seedcorn Fund.
Fusion, a Sheffield firm that turns academic research into business, will hold a 48% shareholding in Magnomatics following the investment round.
David Baynes, chief executive of Fusion, 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.
This investment, in partnership with the White Rose Technology Seedcorn Fund, will enable Magnomatics to complete its first development contract in the wind turbine sector and bring its novel technology closer to market.”
Last week Fusion announced a second round of investment in a company which is pioneering the use of optical technology.
The company said it had invested an additional £100,000 in Phase Focus – a spin-out company from the University of Sheffield that is developing “lensless” optical electron and x-ray microscope technology.
