Torotrak PLC APC Funding for Off-Highway Project (8092J)
September 14 2016 - 5:31AM
UK Regulatory
TIDMTRK
RNS Number : 8092J
Torotrak PLC
14 September 2016
14 September 2016
Torotrak plc
("Torotrak" or the "Group")
Advanced Propulsion Centre Funding for off-highway Project in
collaboration with Turner Powertrain System Ltd
Torotrak, (LSE: TRK), a leading developer and supplier of
emissions reduction and fuel efficiency technology for vehicles, is
pleased to announce the award of funding from the UK's Advanced
Propulsion Centre UK Limited ('APC'), to work in a co-funded
consortium including Turner Powertrain System Ltd (a wholly owned
subsidiary of Caterpillar Inc.) and the University of Hertfordshire
on an off-highway project. The award has been made to advance the
development and manufacture of a leading low carbon drivetrain with
energy storage for a range of off-highway vehicles and machines.
The total project value is GBP9.4 million, divided among the
consortium members, with an anticipated GBP4.16 million in funding
from the APC.
The 42 month project is expected to commence in December 2016
and will focus on developing and commercialising a leading edge
hydrostatic continuously variable transmission with a
flywheel-based energy storage system for off-highway machines and
construction equipment. Torotrak expects to receive funding of at
least GBP1.2 million to develop its Flybrid technology for these
applications. In line with the aims of the APC, the project will
enable improved performance, offering significant reduction in fuel
consumption and CO(2) emissions and enable engine downsizing across
a wide range of applications.
Torotrak is very pleased to have been selected by Turner
Powertrain System Ltd to work on this project which will take the
Flybrid energy recovery technology into a production-ready design
for installation in a range of Caterpillar's off-highway machines.
Flywheel-based energy storage technology is ideally suited to
off-highway and construction equipment applications, offering a
robust, low-cost way to enable engine downsizing thereby reducing
emissions and fuel consumption whilst improving machine
productivity. This new project will build on the Group's experience
in developing its hydraulically-connected energy recovery system
('ERS') for excavators and other off-highway machines which has a
target production launch in 2018.
Adam Robson, Torotrak's Chief Executive said: "We are delighted
that Turner Powertrain System Ltd has chosen us as a partner for
this project and that the APC has again backed one of our
technologies. This investment will allow us to take a further
significant step into the off-highway market."
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014. Upon publication of
this announcement, this information is now considered to be in the
public domain.
For more information, please visit www.torotrak.com or
contact:
Torotrak plc
Adam Robson, Chief Executive / Rex Vevers, Finance
Director
Tel: +44 1772 900931
Cantor Fitzgerald Europe (Financial Adviser &
Broker)
Marc Milmo / Will Goode
Tel: +44 20 7894 7000
Tavistock (Financial PR)
Simon Hudson / Lulu Bridges / James Collins
Tel: +44 20 7920 3150
About Torotrak
Torotrak is a leading developer and supplier of kinetic energy
recovery systems, engine boosting and variable drive transmissions
for vehicles. Our portfolio of technology solutions substantially
improves fuel economy and reduces CO(2) and other emissions in
vehicles through capturing and recycling energy that would
otherwise be lost, harnessing the power of supercharging to enable
engine downsizing and managing the engine at the optimum point.
About Caterpillar Inc.
For 90 years, Caterpillar Inc. has been making sustainable
progress possible and driving positive change on every continent.
Customers turn to Caterpillar to help them develop infrastructure,
energy and natural resource assets. With 2015 sales and revenues of
$47.011 billion, Caterpillar is the world's leading manufacturer of
construction and mining equipment, diesel and natural gas engines,
industrial gas turbines and diesel-electric locomotives. The
company principally operates through its three product segments -
Construction Industries, Resource Industries and Energy &
Transportation - and also provides financing and related services
through its Financial Products segment. For more information, visit
caterpillar.com. To connect with Caterpillar on social media, visit
caterpillar.com/social-media.
About the Advanced Propulsion Centre
The APC was formed in 2013 from a commitment between the
government and automotive industry through the Automotive Council
to position the UK as a global center of excellence for low carbon
powertrain development and production. As an industry wide
collaboration of innovators and producers of low carbon propulsion
systems, it facilitates partnerships between those who have good
ideas and those who can bring them to market. The services provided
by the APC enable projects which provide profitable growth and
sustainable opportunities for the partners involved.
-ends-
This information is provided by RNS
The company news service from the London Stock Exchange
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