Portfolio news 2011
Fusion IP PLC – Magnomatics wins 2011 NDI Innovation & Technology
14 Apr 2011
"Magnomatics wins 2011 NDI Innovation and Technology Award"
Fusion IP (AIM: FIP), the university IP commercialisation company that turns world-class research into business, is pleased to report that its portfolio company, Magnomatics, the developer of a revolutionary magnetic gear system, has won the prestigious 2011 NDI Innovation and Technology Award.
Peter Luff MP, Minister for Defence Equipment, Support & Technology, presented the award to Magnomatics for the development of a magnetic gearing system capable of delivering industrial levels of torque and power. The company integrated this magnetic gear into a novel electric motor known as a Pseudo Direct Drive, or PDD®, which offers significant advantages over traditional induction and permanent magnet motor systems.
There has been significant interest in Magnomatics PDD® system. In 2009 Magnomatics, with help from NDI, were contracted by the Ministry of Defence's (MOD) Programmes and Technology Group, to provide a desk-based study to progressively de-risk this novel motor technology and evaluate options for a naval application. This was successfully achieved and under a new MOD project, Magnomatics is now designing, building and testing a scale prototype of a 300 kilowatt navel Magnetically Geared Propulsion Motor (MGPM) that will de-risk production of a full size navel MGPM of 15 megawatts.
Speaking after the conference, NDI Managing Director, Robin Fox, said
"Magnomatics has created a new technology that will change the way we think about all drive systems, not just the navel drive system above. They are a wonderful example of the wealth of innovation that SMEs in the UK have to offer. I can only marvel at the possibilities that their superlative research and development will produce next.'
For further information please contact:
||+44 (0)114 275 5555|
|David Baynes, CEO
Tony Gardiner, CFO
||+44 (0) 1422 363424|
||+44 (0)20 7107 8000|
|Freddy Crossley, Corporate Finance
Catherine Leftley, Corporate Finance
David Banks, Corporate Broking
Magnomatics is a spin-out company from the University of Sheffield, founded in 2006 to commercialise revolutionary research on magnetic transmission systems, high-torque electrical machines and electromechanical actuators and dampers being undertaken by Dr Kais Atallah and Professor David Howe in the Electrical Machines and Drives research group at the University. Members of Dr Atallah's original research group form the core of Magnomatics technical team and the Company now works with some of the largest and most prestigious blue-chip multinationals.
The Pseudo Direct Drive® (PDD) offers significant advantages over traditional induction and permanent magnet motor systems; these include very high torque capability for a given motor size, protection from overloads, low maintenance and efficiencies of more than 98 per cent at full load, which also gives the benefit of a reduced requirement for cooling. In addition, the PDD® offers a quiet drive system, as its internal gear does not include any meshing components.
The current contract with the MOD is a 14 month programme that will deliver a 300 kilowatt Magnetically Geared Propulsion Motor (MGPM) that has been tested for basic operation at part power. Recommendations will be made for subsequent programmes of work to fully test the machine and further de-risk MGPM systems (i.e. bearings and bearing lubrication systems) and to construct a 15 megawatt machine.
NDI is a northern based, business development, project management and representative body for companies operating in the Defence, Aerospace, Space and Security supply networks. The company has a core membership of Small and Medium Enterprises (SMEs), in the north and nationally, and also works with prime contractors, systems integrators and the MOD to develop supplier and subcontractor capacity and capabilities.
About Fusion IP
Fusion IP plc (Fusion) was established in 2002 to commercialise university-generated intellectual property. It has long-term exclusive agreements with two of the UK's leading research intensive universities, the University of Sheffield and Cardiff University, giving it exclusive access to a combined R&D spend of over £185m a year.
Fusion's first agreement was a ten-year exclusive arrangement with the University of Sheffield, giving it the right to commercialise (through the creation of spin-out companies and licensing) research, owned by the University, initially in the area of medical life sciences. This agreement was expanded in July 2008 to include all non-life science research-generated IP such as energy, engineering and electronics. Fusion has significant shareholdings in a portfolio of University of Sheffield spin-out companies including Simcyp, Magnomatics, Diurnal and Phase Focus.
In January 2007, Fusion completed a ten-year exclusive agreement with Cardiff University, also giving it the right to commercialise (through the creation of spin-out companies) Cardiff University's research-generated IP. Fusion has significant shareholdings in a portfolio of Cardiff University spin-out companies including Mesuro, Abcellute, MedaPhor and Asalus.
On 2 December 2009 Fusion announced that it had raised approximately £3.2 million through a fund raising and that as a result, IP Group held approximately 19.8% of Fusion.
Fusion has also entered into a new Co-Investment Agreement with IP Group, in which IP Group has the right to acquire for cash, 20% of Fusion's equity in any new portfolio company. As Fusion normally owns 60% of any new portfolio company at start-up, IP Group's shareholding would normally equate to a 12% stake in the new portfolio company.
Fusion IP also has a Memorandum of Understanding with Finance Wales, the provider of commercial funding to Wales-based SMEs, which outlines a strategy of co-investment in opportunities arising from the Cardiff Agreement.
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