Eriez is now the largest shareholder in Cardiff University-founded power fault protection technology spinout FaultCurrent, having previously invested a seven-figure sum.

Materials separation machine supplier Eriez yesterday took a majority interest in UK-based electricity fault limiter FaultCurrent, a spinout from Cardiff University.

Founded in 2012, FaultCurrent supplies magnet-based fault current limiters that protect electricity grids from being damaged by unexpected power surges.

The limiters, branded pmFCL, use permanent magnets to saturate its internal inductors, creating impedance which spikes with sudden abnormal activity, enabling the grid to be safely shut down.

FaultCurrent’s technology commercialises research from Cardiff University’s Wolfson Centre for Magnetics conducted by Jeremy Hall, a teaching and research lecturer with expertise in magnetics and saturated iron fault current limiters.

Eriez built up its stake in FaultCurrent having supplied a seven-figure pound (£1m = $1.3m) sum in the past two years, including an undisclosed amount invested in 2017.

Commercialisation firm Fusion IP, now owned by its IP Group, previously provided funding of undisclosed size to FaultCurrent and continues to hold shares, together with the latter’s current and former directors.