Product category:
Drives, motors and power transmission, couplings, clutches
News Release from: MagneMotion
Edited by the Manufacturingtalk Editorial
Team on 06 October 2006
Magnemotion closes $3 million funding
Leading electro-magnetic transportation, assembly and logistics solutions provider to use funds to expand its markets and product offerings.
MagneMotion, a developer and manufacturer of assembly automation, material handling and transportation solutions using electro-magnetic technology, has announced it has secured a $3 million mezzanine round of funding from new and existing investors The round is led by Massachusetts Capital Resource Company (MCRC)
This article was originally published on Manufacturingtalk on 23 Aug 2005 at 8.00am (UK)
Related stories
Linear motor offers many automation options
Linear synchronous motor offers a broader range of transport and control options for the assembly automation and material handling industries.
Electro-magnetic handling systems to be shown
Assembly automation and material handling using electro-magnetic technology has the capability to move payloads bi-directionally at varying speeds and will be shown at ATExpo, USA.
MagneMotion received $2 million in equity and $1 million in subordinated debt financing; proceeds will be used to fuel the rapid growth and market penetration of its linear synchronous motor (LSM) and core development of its magnetic levitation (MagLev) technologies.
"MCRC is pleased to be part of MagneMotion's continued growth," said Ken Lavery, vice president of MCRC.
"Massachusetts is home to a number of exciting companies with innovative and compelling business models and products".
"MagneMotion has distinguished itself through the implementation of its electromagnetic technology on projects for high profile government, manufacturing and transportation systems customers, and we look forward to working with its strong management team to further expand the business".
Specifically, the funding will be used to expand market penetration and enhance MagneMotion's product offerings.
Recent initiatives include the development of an urban MagLev demonstration system in cooperation with the Federal Transit Administration and an LSM-based weapons transport elevator for the US Navy.
Additionally, MagneMotion's QuickStick LSM propulsion and control system revolutionises the assembly automation and material handling market as a faster, cleaner and more advanced alternative to conventional methods.
"MagneMotion's penetration into key markets validates the company's position as an industry leader," said Mike Hannon, chief financial officer of MagneMotion.
"We are excited to work with MCRC to assist our continued product development and further secure and maintain relationships with key constituencies".
• MagneMotion: contact details and other news
• Email this article to a colleague
• Register for the free Manufacturingtalk email newsletter
• Manufacturingtalk Home Page
