UK - NSEI invests £60,000 into Durham Mag-Lev
NorthStar Equity Investors, via its North East Proof of Concept Fund, has invested ТЃ60,000 into technology company Durham Mag-Lev.
Based in Sedgefield, Durham Mag-Lev develops a system that eliminates the problem of support strut interference during aerodynamic testing of vehicles in wind tunnels, which consequently eradicates any interference in the air-flow. The magnetic levitation system, Maglev, is based on high temperature superconductors. The business' technology will target Formula One as its initial market.
The new funding will be used to finance a full scale prototype of the Maglev technology.
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