14 September 2016
("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 £9.4 million, divided among the consortium members, with an anticipated £4.16 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 £1.2 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 CO2 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:
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
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 CO2 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.
This information is provided by RNS