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Fusion IP PLC (FIP)

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Friday 09 August, 2013

Fusion IP PLC

Increased shareholding in Magnomatics

RNS Number : 2520L
Fusion IP PLC
09 August 2013
 



9 August 2013

 

 

FUSION IP PLC

("Fusion" or the "Company")

Fusion increases Magnomatics stake to 39% as the portfolio company

wins £1 million of grant funding

 

Fusion IP plc (AIM: FIP), the university commercialisation company that turns world-class research into business, announces that it has increased its shareholding in its portfolio company Magnomatics to 39% through the acquisition of existing shares in Magnomatics, from 31% immediately prior to the transaction. The consideration for the stake was £384,860. Additionally, Magnomatics has been awarded a £1 million Regional Growth Fund ('RGF') grant by the Sheffield City Region Local Enterprise Partnership ('LEP').

The grant will create a number of new jobs at Magnomatics and enable development of its innovative, advanced magnetic transmission systems and high-torque electrical product portfolio, including the PDD (Pseudo Direct Drive) and MAGSPLIT.

Magnomatics, which specialises in the development of green technologies and works with a number of internationally renowned companies, will use the investment to develop further its solutions for small- and large-scale applications.

David Baynes, CEO of Fusion, said: "We are delighted with progress by Magnomatics and to be able to increase back our stake in the business.  We had been diluted by the Magnomatics' £2.5 million funding round last year, but the fundraising that Fusion completed in March of this year has provided us with the cash we require to return our stake to a more attractive level. "

Chris Kirby, Managing Director of Magnomatics, said: "The LEP's RGF grant is helping our company transition its innovative products into production for use in electric vehicles, trains and ships around the world and is creating a number of new, highly skilled jobs at Magnomatics."

David Grey MBE, LEP Board member and leader of the RGF Steering Group, said: "Access to RGF funding is allowing businesses to bring forward expansion plans that may not have happened in these uncertain times. This programme is demonstrating what can be achieved when the public and private sector work together."

In 2012 Magnomatics secured £2.5 million funding to develop magnetically geared motors and generators for the hybrid and electric vehicle market. Of this, £1.06 million was provided by IP Group plc, which was matched by Finance Yorkshire. Fusion IP also invested £366,000 in the technology.

Ends

 

 

For further information please contact:

Fusion IP

+44 (0) 114 275 5555

David Baynes, CEO

 

Stuart Gall, Press Relations

 

 

Cenkos Securities plc

+44 (0) 20 7397 8900

Elizabeth Bowman, Bobbie Hilliam (Corporate Finance)

 

Julian Morse (Sales)

 

 

Media enquiries:

Allerton Communications

+44 (0) 20 3137 2500

Peter Curtain

 

 

About Fusion IP

Fusion IP plc 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, providing exclusive access to all the IP generated by their research departments. These exclusive agreements enable Fusion to identify world-class IP and turn it into a commercial opportunity, through the creation of either a start-up company or a licence.

Fusion IP currently owns shareholdings in over 20 portfolio companies, with significant holdings in Seren, Magnomatics, Phase Focus, MedaPhor, Asalus and Diurnal.

In 2012 Fusion IP announced its first major exit, when it sold its portfolio company Simcyp, a research-based business providing a modelling and simulation platform for predicting the fate of drugs in virtual populations, to US-based Certara LP for $32 million, a 200-fold return on its original investment.

In March 2013 Fusion announced it had raised £20 million through a Placing to existing and new institutional shareholders. Fusion also announced that it had signed agreements with two additional universities - the University of Nottingham and Swansea University.

For more information, visit www.fusionip.co.uk

About Magnomatics

Magnomatics Limited is a high-technology spin-out company formed in 2006 from the leading internationally renowned research group in Electrical Machines and Drives at the University of Sheffield. The Company develops and delivers novel proprietary magnetic transmissions and ultra-compact and efficient motors and generators for some of the world's largest multinationals and is active in a range of industries, including renewable energy, automotive, aerospace, marine and defence.

www.magnomatics.com


This information is provided by RNS
The company news service from the London Stock Exchange
 
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