Sheffield tech firm Magnomatics set for global growth with significant investment

A Sheffield-based business behind the magnetic gear technology is aiming for further global expansion backed by investment from Finance Yorkshire.

Magnomatics is a technology company developing products for multinationals around the world, 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 also 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 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.

The commercialisation of Magnomatics’ products based on its 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 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 added: “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, also commented: “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.”

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