Fusion IP firm successfully raises funds
Fusion IP, the university intellectual property commercialisation company, said one of its firms had raised 2.5m pounds to develop motors for the hybrid and electric vehicle market.
Fusion IP, the university intellectual property commercialisation company, said one of its firms had raised 2.5m pounds to develop motors for the hybrid and electric vehicle market.
The company said Magnomatics, which was spun out of the University of Sheffield in 2006, had raised the money to fund the development of its magnetically geared motors.
The system is designed to offer motor vehicle manufacturers a lighter, quieter, more efficient direct drive motor.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
IP Group and Finance Yorkshire will both invest £1.06m, while Fusion IP will invest £366k.
The first tranche of funds, totalling £2.25m, has been invested and the second tranche of £246k is dependent on certain milestones.
When the full amount is invested, Fusion's shareholding will be 31%.
Fusion's Chief Executive David Barnes said Magnomatics, which is based in Sheffield, had made major technological advances over the last two years and had an impressive list of development contracts with many of the world's leading manufacturers.
Sign up to Money Morning
Our team, led by award winning editors, is dedicated to delivering you the top news, analysis, and guides to help you manage your money, grow your investments and build wealth.
-
8 of the best properties for sale near ski slopes
The best properties for sale near ski slopes – from a luxury cabin in Geilo, one of Norway’s premier ski resorts, to a large chalet in Valais, Switzerland
By Natasha Langan Published
-
Cash hoarders take total UK savings to £2 trillion – why aren’t we investing?
Investment-shy Brits are hoarding huge amounts of cash in their savings accounts. We look at the case for saving versus investing.
By Katie Williams Published