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.

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