EEDA - East of England Development Agency

Magnets attract new business after EEDA-funded market research

31 March 2009

Entrepreneurs with bright business ideas are being given a helping hand to turn developing concepts into successful commercial realities, thanks to funding from the East of England Development Agency (EEDA).

The Proof of Concept fund helps emerging companies test the commercial potential of new products and processes, and one entrepreneur to benefit is Dr Tim Coombs, of Magnifye in Cambridge.

Magnifye has tested the market for its innovative method of magnetising superconducting material to create magnets which are more than ten times stronger than ones which are conventionally produced.

This EEDA support allowed Magnifye to understand which companies in each sector were seriously interested in developing these compact, efficient machines using these magnets. This has helped convert an innovative idea into commercial success, with several orders now in place.

Magnifye’s compact, powerful magnets, which are made in Cambridge, can be made small enough to fit in the palm of your hand or large enough to power a cruise liner.  They will be used in a range of applications such as Magnetic Resonance Imaging (MRI), renewable energy (wind turbines and tidal generation), future generation trains and ultra compact motors for electric vehicles. It is also applicable to utility power generation, improved ship propulsion and accelerator magnets for use in high prestige projects such as the successors to the Large Hadron Collider.

Dr Coombs said:

“Magnets are already part of everyday life but their use is often limited by the size of the magnets needed for the task.

"Magnifye uses an innovative heat engine which converts thermal energy into currents of millions of amps to create these super magnets. As long as the superconductor stays cold, these will flow for ever providing powerful, stable magnetic fields.

“We are creating new roles for magnets by making them much smaller and more powerful. Machinery, which already uses magnets, could be also made smaller, lighter and more cheaply by using superconducting magnets.”

Dr Coombs added that there was also a green element to this technology including making electric buses cheaper to operate – which could lead to more widespread adoption. But he added that a “superconducting” bus was still a few years away!

EEDA’s new executive director of innovation, Dr Paul May, said:

“The East of England is at the forefront of innovation, and despite the economic downturn, there are businesses out there who are preparing for the inevitable upturn by setting their sights on bringing new products to market. 

“Innovative companies like Magnifye are showing how Proof of Concept funding can help turn good ideas into commercial reality.

“EEDA is flexing its business support to help more companies develop their innovative ideas. We have streamlined the application process for the next round of Proof of Concept funding to encourage even more entrepreneurs and small businesses to come forward and pitch their business ideas.”

The latest round of Proof of Concept funding, which is funded by EEDA and the European Regional Development Fund (ERDF), closes on 17 April. For more information, and to apply for funding, go to http://www.eeda.org.uk/poc. Further support available to innovative business can be found on EEDA’s Business Map – an online tool plotting all forms of publicly-funded business support -  http://www.bizmapeast.com/

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