Magway launches £750,000 funding round

LinkedIn +

The zero-emission parcel delivery system Magway has launched its latest round of fundraising with the British investment crowdfunding platform Crowdcube to raise £750,000 (US$1,000,000). The investment is intended to accelerate growth, scale the company’s technology and hire additional talent.

In the last 12 months, the Magway team has focused on the continued development of its horizontal track. To open its services up to more industries, such as aviation and healthcare, it has also commissioned its first switched and vertical tracks at its test facility in Wembley, UK. In addition, the capture of performance data was designed to help the company to identify ways in which the system can be enhanced further for commercial use. Future planned projects include modular plug-and-play sections, digital twins, extra autonomy and robotic integration.

The Magway system uses electric-powered linear motor and control technology to carry freight at speed via pipes using magnetic waves. Running through a network of 1m diameter underground or overground utility pipes, the Magway system enables organizations to move goods between distribution hubs while reducing the reliance on delivery vehicles and drivers. This helps businesses, and public sector organizations make roads safer, remove carbon and congestion, improve the reliability of deliveries and reduce pollution to meet net-zero goals. In time, the system can be deployed to connect inner-city hubs, regional centers and even be used to transport freight across international borders and difficult terrains such as the seabed and remote rural areas.

Magway showcased its technology at COP26 in November, where public policy concerning the decarbonization of transportation solutions featured heavily on the agenda. The company pointed out that road transport accounts for 27% of the UK’s CO2 emissions and that delivery vehicles are the fastest-growing sub-segment, representing 35% of these emissions.

John Hughes, executive chairman of Magway, said, “If we are to successfully fight climate change, we must continue building a movement of like-minded people who want to help create a greener, better world. That is why we are now offering you the opportunity to join us on our mission with Crowdcube. Four years since Magway first launched, our vision of revolutionizing parcel delivery is now a reality. This round of investment will cement the next stage of our growth and accelerate commercial expansion. We are so thankful to those who backed us from the start and have joined us on our mission of fighting climate change while delivering goods. If you are looking to become a green investor and want to back a fast-growing business that is set to disrupt the deliveries and e-commerce industries, then now is your chance.”

“Magway is pushing open new frontiers of what is possible thanks to linear and motor control technology,” said Rupert Cruise, co-founder and technical director at Magway. “Reaching net-zero requires technological ambition and innovative thinking. From the continual improvement of track performance based on real-time data collection to streamlining carriage design and 3D modeling, our team is making breakthroughs every day to accelerate Magway’s development and broaden its potential.”

Phill Davies, co-founder and commercial director of Magway, commented, “While our technology is impressive, it’s people that sit at the heart of Magway. At our core, we are a team of innovators bringing diverse experience from cutting-edge businesses and sectors including Formula 1, Amazon, Apple, Jaguar Land Rover and aviation to name just a few. Magway has built itself from an idea, into a people-led, sustainable business that is now set to revolutionize the way goods are delivered. We are a passionate and determined team, and with our focus on providing sustainable and efficient deliveries, we are preparing to double headcount again over 2022.”

Share this story:

About Author

mm
, web editor

As the latest addition to the UKi Media & Events team, Elizabeth brings research skills from her English degree to her keen interest in the meteorological and transportation industries. Having taken the lead in student and startup publications, she has gained experience in editing online and print titles on a wide variety of topics. In her current role as Editorial Assistant, Elizabeth will create new and topical content on the pioneering technologies in transportation, logistics and meteorology.

Comments are closed.