Torotrak PLC Share News (TRK)

Shares in Torotrak jumped by 5.16 per cent shortly after the company announced a joint manufacturing initiative with Tata Steel, Mira and Productiv. The UK government will be funding the project, which Torotrak will be entering into alongside key players in the low-carbon technology market. The participants will work on products aimed at the automotive supply chain, with the goal of reducing investment costs for green solutions."This agreement, and the recently announced integration of a high-precision manufacturing facility at our technical centre, will help support our licensees in bringing Torotrak technologies to market," said Chief Executive Officer (CEO) Jeremy Deering. Beneficial regulatory pressures"The increased capability will accelerate development timescales, and help focus programmes from the start on getting to market rapidly," added the CEO. Deering noted how legislative targets, due in 2015 and 2020, mean manufacturers are particularly interested in innovative carbon emissions reduction technology right now: "[This] means getting hardware and demonstrable results out quickly."Torotrak's so-called V-change technology will be key to this project, where further industry partners on the project include Jaguar Land Rover, Schaeffler and the Manufacturing Technology Centre. The V-Change technology aids in the CO2 reduction in engines by allowing single or dual stage variable boost. Torotrak also benefits from gaining access high-precision component manufacturing facilities through this project, which is in line with the group's stated goal of initiating its own medium-volume manufacturing capabilities. JF