Magnomatics, the high technology engineering company, specialising in the development of advanced magnetic transmission systems and high-torque electrical machines, has been shortlisted in the inaugural Innovate UK Small Business Innovation Awards for its work developing its magnetic CVT or MAGSPLIT® device. MAGSPLIT is an innovative power split gearbox delivering better fuel economy and lower emissions for hybrid vehicles.
The awards, run by the UK’s innovation agency, Innovate UK, recognise Britain’s most exciting cutting-edge growing companies. Magnomatics MAGSPLIT projects have been shortlisted in the Innovation leading to Investment category.
David Latimer, Magnomatics’ CEO said,
“We are delighted to have been shortlisted for the Innovate UK Small Business Innovation Awards. We now have funded development projects with three global automotive companies to apply the MAGSPLIT to their vehicles. The MAGSPLIT projects funded by Innovate UK were a key stepping stone toward wining these development contracts and securing further investment from Finance Yorkshire and IP Group.”
Dr Ruth McKernan, chief executive of Innovate UK said:
“British companies, such as Magnomatics, are preparing for the future with their ground breaking innovations. They are building new industries, creating new jobs, and driving productivity. These awards celebrate the best of British innovation and I congratulate all the fantastic nominees.”
Jo Johnson MP, the universities and science minister, will present the awards at a ceremony in Parliament on October 13th.