TP Group PLC TP Group awarded £0.9m defence research funding (4872D)
October 10 2018 - 2:00AM
UK Regulatory
TIDMTPG
RNS Number : 4872D
TP Group PLC
10 October 2018
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10 October 2018
TP Group plc
("TP Group" or the "Company" or the "Group")
TP Group awarded GBP0.9m defence research funding
TP Group (AIM: TPG), the specialist services and engineering
group, announces the award of GBP0.9m in development funding from
the UK Ministry of Defence ("MoD") under the Defence Growth
Partnership Innovation Challenge, run by the Defence and Security
Accelerator ("DASA").
TP Group will act as prime contractor and project leader to
develop one of the Group's Artificial Intelligence ("AI")
applications. The two year project will ultimately deliver a fully
operational demonstrator against the requirements of a specific
future naval application. TP Group will be supported by industrial
partners Thales, the University of Exeter and application partners
within the MoD.
This system uses advanced algorithms developed by Polaris
Consulting, the Fareham company acquired by TP Group in December
2017, to optimise autonomous routing of unmanned vessels deployed
on hazardous missions. Several prototypes have already been
delivered with early stage funding from DASA, including a
successful sea trial in the Solent in 2017. Other systems have
demonstrated machine-learning capabilities that interpret text
streams, and are suitable to assist intelligence officers in threat
recognition, or incident investigators on complex equipment such as
jet engines.
This funding provides a catapult to future application
development, not limited to maritime vehicles. Discussions are
already underway relating to unmanned air systems ("UAS") and other
maritime uses, not exclusively unmanned, such as optimising
maintenance visits for offshore wind farms.
Phil Cartmell, Chief Executive of TP Group, commented:
"This award is excellent news for the Polaris team and for the
Group as a whole and highlights the value of our acquisition
strategy to date where an SME with leading technical abilities can
be supported by resources, relationships and processes from the
wider Group to bring specialist technologies to market and generate
real value.
"It is a reward for the hard work of the Technology and
Innovation team in Fareham as their leadership in this exciting
field matures into market leading technical products, with
opportunities emerging in multiple sectors.
"This work will also strengthen our relationship with Thales as
a key industrial partner as we work together to deliver the first
mission system, and then collaborate on exploitation."
For further information, please contact:
TP Group plc Tel: 01753 285 810
Phil Cartmell, Chief Executive
Officer
Derren Stroud, Chief Financial
Officer
www.tpgroup.uk.com
Cenkos Securities plc Tel: 020 7397 8980
Mark Connelly / Callum Davidson
www.cenkos.com
Vigo Communications Tel: 020 7390 0230
Jeremy Garcia / Fiona Henson
/ Charlie Neish
www.vigocomms.com
Notes to Editors
TP Group designs and develops advanced technologies, engineers
complex equipment and systems, and provides support throughout
their operational life. The Company's shares have been traded on
AIM since July 2001.
This information is provided by RNS, the news service of the
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END
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