Magnomatics has landed deals to supply its technology to some of the world’s largest multinationals from a range of sectors including automotive, renewable energy, rail and oil and gas.
These include a £1.7m project with Rolls Royce to develop a large motor for ship propulsion and a deal with Triumph, a tier one supplier to the aerospace industry.
The firm has also landed a significant project within a £38m government backed competition launched at the end of last year encouraging companies to propose innovative ideas to cut vehicle emissions.
This continued growth has been underpinned by investment of almost £2m from Finance Yorkshire which has helped the company grow its Sheffield operations.
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.
Alex McWhirter, chief executive of Finance Yorkshire, added: “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.”