LONDON (Alliance News) - Torotrak PLC said Tuesday that it had been awarded funding from the UK government's Technology Strategy Board for a new project worth a total of GBP7.3 million.
The project is to work on maximising the efficiency of an excavator by modifying its hydraulic power system, and will begin in the middle of 2014, as part of the Technology Strategy Board's Advance Propulsion Centre initiative.
The company, as part of a consortium including construction equipment maker J C Bamford Excavators Limited, will develop this technology. The technology strategy board is expected to provide at least GBP3.3 million in funding for the project.
Torotrak expects to get at least GBP1.1 million to develop a version of its Flybrid technology for the excavator. The aim of the project is to reduce fuel consumption and total carbon dioxide emissions for JCB's future products.
Shares in Torotrak were trading up 2.6% at 20.27 pence Tuesday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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