(Alliance News) - Transense Technologies PLC shares jumped on Tuesday as it said it has signed a memorandum of understanding with Meggitt SA to evaluate the use of its 'surface acoustic wave' technology.
Shares in the Bicester, England-based developer of specialist sensor systems for vehicles were up 16% to 57.50 pence each in London on Tuesday morning.
Meggitt SA is a designer and manufacturer of complete condition monitoring, vibration monitoring and measurement solutions for the aerospace and energy markets.
Meggitt AS is part of Meggitt PLC's Sensing Systems division. Meggitt AS was founded in 1952 as Ferroperm Piezoceramics AS but was taken over by UK-based Meggitt in 2008. Meggitt PLC itself is now in the process of being taken over by the US's Parker-Hannifin Corp.
Under the agreement, Transense said it will support Meggitt's evaluation of potential market opportunities for the use of its surface acoustic wave technology in the aerospace sector.
SAW sensor technology can be used to improve equipment power, performance, reliability and efficiency, Transense explained.
The companies also have the shared intention for Transense to grant a licence covering relevant fields of use to Meggitt when the contract has ended either on or before December 31, 2023, Transense added.
Chair Nigel Rogers said: "We are delighted to be working with Meggitt SA in the aerospace market. We have developed close working relationships and have a shared vision of the many advantages that SAW technology offers to customers in this rapidly changing sector."
By Sophie Rose; sophierose@alliancenews.com
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Transense (TRT)