Electric Motors Spin-out secures funding

A new company has secured £1.45 million in investment to take lightweight electric motors developed at the University of Oxford’s Department of Engineering Science to market. Isis Innovation, the University’s technology transfer company, announced today that the spin-out company Oxford Yasa Motors Ltd has closed the £1.45 million funding round with private investor Seven Spires Investments Limited.

 

Oxford Yasa Motors also announced that it has been successful in securing a grant from the UK’s Technology Strategy Board as part of a £1.89 million consortium to develop a higher volume version of the motor.

 

Dr Malcolm McCulloch, head of Oxford’s Electronic Power Group and Dr Tim Woolmer, then a PhD student in the group, originally devised the electric motor for the 2008 Morgan Lifecar. The group received £75,000 in funding from the Oxford University Challenge Seed fund, managed by Isis, to build a prototype for use in high performance electronic vehicles.

 

Dr McCulloch said: “We’re taking technology which has already been proven in a number of vehicles to a wider market. With Oxford Yasa Motors we’ll be able to deliver a range of commercial products that will help the UK launch itself as a premier destination for electric vehicle development.

 

“We have optimised the materials and design, so that the motor is much lighter and more effective, giving half the volume and twice the torque for the same power output. This electric motor technology will reduce fuel consumption and also help us move away fossil-based fuels to alternative energies.”

 

Over the last 8 months the Oxford team has collaborated with engineering firm Delta Motorsports to configure the motor for a new four-seat coupe, which is scheduled for track tests scheduledat the end of 2009.

As well as high performance cars, the motor will be adapted for aerospace, renewable and industrial applications where improved power to weight performance combined with the ability to offer more compact electric drive systems will offer significant commercial advantage to customers.

 

Ian Page from Seven Spires Investments said: “This is a great opportunity to participate in world-leading technology at the forefront of a rapidly expanding multi-billion dollar market for electric motors.”

 

Tom Hockaday, managing director at Isis Innovation said: “This is the second spin-out company from Dr McCulloch’s group after smart-metering spin-out Intelligent Sustainable Energy was incorporated in December last year. Isis is privileged to work with such an entrepreneurial department with a real commitment to clean technologies which have the potential to make a huge difference to the environment.”

 

The company is aiming to sell a low volume of the motors in its first year, as well as scaling up production and developing new models. Mr Nick Farrant, who has a background in aerospace engineering and spin-out management will be CEO of Oxford Yasa Motors.

 

Dr McCulloch said: “British engineering spurred the original growth of the automotive industry, and we believe engineering excellence can reinvigorate the industry again.”

 

Oxford Electric Motor Set for Track Tests:
www.isis-innovation.com/news/news/electricmotortracktests.html

 

Isis Innovation media enquiries & high-resolution images: Renate Krelle
E: renate.krelle@isis.ox.ac.uk
P: +44 (0)1865 280850

 

CEO of Oxford Yasa Motors: Nick Farrant
E: nick.farrant@oxfordyasamotors.com
P: +44 (0)7771 826 360

 

Seven Spires Investments: Prof Ian Page
E: ian.page@sevenspires.co.uk
P: 01865 302909

 

Isis Innovation is the University of Oxford's technology transfer company and manages the University's intellectual property portfolio, working with University researchers on identifying, protecting and marketing technologies through licensing, spin-out company formation and material sales. Isis files on average one new patent application each week, has concluded over 400 technology licensing agreements, and established 64 new spin-out companies from Oxford. Isis also manages Oxford University Consulting, which arranges consulting services providing clients access to the world-class expertise of the University's academics to enhance innovative capability. Last year OUC arranged over 150 consulting deals. Isis has established a separate business division, Isis Enterprise, offering consulting expertise and advice in technology transfer and open innovation to university, government and industrial clients around the world. Isis was founded in 1987 and is today one of the world's leading technology transfer and innovation management companies. 
www.isis-innovation.com

 

Seven Spires Investments Ltd. (SSIL) is a private, off-shore investment company. SSIL was established in 2003 and invests around £5 million annually across the existing portfolio and new investments. We are actively seeking new investment opportunities in high-tech companies in the United Kingdom. We look for excellent management, defensible Intellectual Property, a well characterised route to market and global scalability to an expected market capitalisation in excess of $100m.