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Surface Transforms Secures Development Agreement With German Carmaker

Mon, 11th Jul 2016 06:52

LONDON (Alliance News) - Surface Transforms PLC on Monday said it has signed a pre-production technology development agreement with an unnamed German carmaker.

Surface said the deal with the "leading German performance car manufacturer" would, if successfully concluded, lead to a series of supply deals covering the carbon ceramic brake discs Surface Transforms makes.

The company said that should a production contract be awarded, minimal additional revenue would be made in the year to the end of May 2017, but revenue would grow to around GBP3.0 million in its 2018 financial year and further to GBP10-12 million a year once volumes mature.

"We are delighted to formally announce this agreement, which provides a strong endorsement for our carbon ceramic brake technology and illustrates the deepening relationship with our OEM customer," said Surface Transforms Chief Executive Kevin Johnson.

By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance