Magnomatics geared up for global success

Left to right; Alex McWhirter of Finance Yorkshire and David Latimer of Magnomatics.

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, 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.

Magnomatics has developed two key products – the Pseudo Direct Drive (PDD) and the MAGSPLIT. Its work with Rolls Royce – which involves UK electric machines builder ATB Laurence Scott – will develop the PDD for marine applications. The project team will design, manufacture and test a 2.5 megawatt motor powered by Magnomatics’ PDD.

David 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.”

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.

“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. Through this activity, Finance Yorkshire investment has helped those SMEs to create and safeguard more than 11,000 jobs in the region.

Finance Yorkshire provides seedcorn, loan and equity linked investments, ranging from £15,000 to £2m to help a range of small and medium sized businesses to meet their funding requirements for growth and development.

The project is supported financially by the European Union. It has attracted investment from the European Regional Development Fund (ERDF), as part of Europe’s support for the region’s economic development through the Yorkshire and Humber ERDF Programme, UK Government and the European Investment Bank. Finance Yorkshire is also supported by the Regional Growth Fund.

For more information about Finance Yorkshire, please visit www.finance-yorkshire.com or call 0300 030 6060.

Note: this news article is from Finance Yorkshire’s previous fund. Read more about Finance Yorkshire