NorthStar on course for Formula One

NorthStar Equity Investors (NESI), the Newcastle-based venture capital firm, has invested £60,000 into Mag-Lev, a Durahm company looking to take pole position in the Formula One market.

Mag-Lev has developed a technology which solves the problem of support strut interference by removing them for aerodynamic testing of vehicles in wind tunnels.

The £60,000 from NESI comes from the North East Proof of Concept Fund, a £12m pre-seed fund which invests in the form of a convertible loan.

The plan is now to combine this money with a £75,00 grant received from the Grant for Research and Development (GRD) scheme to develop a grand scale prototype of MAGLEV over the next year.