Surgical Innovations Group plc is pleased to announce that it has signed an agreement with Rolls-Royce plc to develop instruments for use in the repair, overhaul and maintenance of aero engines.
Surgical's design team, working in conjunction with Rolls-Royce engineers, has designed and developed patented inspection devices which incorporate advanced surgical instrument technology. These devices facilitate access to locations that are three-dimensionally displaced from the original entry point, enabling the inspection of internal components of an engine whilst it is installed on the aircraft. This obviates the need to strip the engine down, in the same way that keyhole surgery eliminates the need to open up the body.
Surgical plans to support up to five projects a year. Each project undertaken will be for the design of an instrument for a specific procedure on a particular engine. Over the course of the agreement, revenue will be generated by the design process and device sales resulting from each project.
In addition, Surgical will receive £800,000 over the ten-year agreement period for licensing fees and access to technology. Half of this revenue should be received within two years, with the remainder being received via annual payments.
Commenting on the agreement, Doug Liversidge CBE, Chairman of Surgical Innovations Group plc, said: “Our agreement with Rolls-Royce represents a significant and innovative step forward for Surgical Innovations. The strength of our design team is enabling us to adapt our technologies for use in other industries."
In addition to aero engines, Surgical is actively seeking significant partnerships in the airframe, energy and nuclear, petrochemical and offshore sectors.
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