Fusion IP plc (AIM: FIP), the university IP commercialisation company that turns world class university research into business, is pleased to announce that Magnomatics Limited (“Magnomatics”), a spin-out company from the University of Sheffield that 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, has completed a funding round of £500,000. Fusion IP invested £150,000 in the funding round which was led by the White Rose Technology Seedcorn Fund.
Following this funding round, Fusion IP will have a 48% shareholding (on an undiluted basis) in Magnomatics.
Commenting on this announcement, David Baynes, CEO of Fusion IP, said:
“We believe Magnomatics' novel magnetic gears and magnetically geared motors could have a revolutionary impact on the renewable energy, marine 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.”