Magway wins £750,000 in crowdfunding

UK based maglev train startup Magway has won £750,000 in crowdfunding to accelerate growth, scale its technology and to hire additional talent for the team.

As part of its plans to install a network of ultra-fast magnetic levitation train tracks across the UK, Magway has commissioned a first switched and vertical track systems at its test facility in Wembley, London. The firm is also looking at working into logistics to help companies to increase the speed of middle-mile delivery and reduce their carbon emissions (maglev being entirely electric).

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.”

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