Global deal for engineering spin-out
An engineering company created at the University has been bought by a subsidiary of the Japanese giant Mitsubishi.
Technology created by Artemis Intelligent Power is to be further developed by Mitsubishi Heavy Industries, following the deal.
Artemis specialises in hydraulic power technology which Mitsubishi plans to use in wind turbines, power generation and rail and ship applications.
The company will initially seek to use Artemis technology on a large-scale offshore wind farm.
Artemis was borne out of fluid power research at the University, under the guidance of Professor Emeritus Stephen Salter.
Under its new ownership, Artemis will become a wholly-owned subsidiary of Mitsubishi Power Systems Europe.