FaultCurrent, a spinout of Cardiff University developing technology to protect power grids from surges, has received an undisclosed sum from Eriez Investments, the investment arm of magnetic technology manufacturer Eriez Manufacturing, Insider Media reported on Tuesday.
Spun out of Cardiff’s Wolfson Centre for Magnetics in 2012, FaultCurrent has developed a device which uses magnetic technology to protect electrical utility distribution networks from unanticipated power surges. The technology is based on research by Jeremy Hall.
The company plans to use the investment to refine the product’s design and begin commercial trials before the end of 2017.
Eriez Magnetics Europe, a regional subsidiary of Eriez Manufacturing that helped develop FaultCurrent’s prototype, will manufacture the commercial product at its facility in the UK.
In 2013, FaultCurrent was awarded an undisclosed amount from the UK government’s Energy Entrepreneurs Fund, a £29m ($36m) vehicle for companies developing technologies in the areas of heat and electricity storage, carbon capture and storage, energy efficiency and power generation.
Commercialisation firm IP Group currently holds a 69.4% stake in the company, though it is not clear whether those shares were awarded as part of the firm’s tech transfer agreement with the university or if it invested capital.
Tim Shuttleworth, chief executive of Eriez Manufacturing Company, said: “We have the knowledge and understanding of magnetic materials and processes to support FaultCurrent’s ambitions to grow as a global business.”