Imperial Innovations Group Regulatory News (IVO)

27 Sep 2007 07:04

Imperial Innovations Group plc27 September 2007 Imperial Innovations Group plc ("Imperial Innovations") Investment in EVO Electric Limited Imperial Innovations Group plc, the technology commercialisation and investmentcompany (AIM: IVO) today announces that it has invested £375,000 in EVO ElectricLimited (EVO Electric), a company that is developing electrical motors andgenerators for use in gensets, powertrains, and as traction motors in therapidly growing hybrid-electric vehicle market. The investment in EVO Electric was part of a £1.5 million funding round whichincluded investments from Consensus Business Group and a group of privateindividuals including US based entrepreneurs familiar with the automotivesector. Following the investment, Imperial Innovations holds a 38% stake in thecompany. Evo Electric's axial flux technology is based on research carried out by DrMichael Lamperth at the Department of Mechanical Engineering at Imperial CollegeLondon. It has significant benefits, namely its high power density, its abilityto run at speeds that obviate the need for a gearbox, and its flat physicalconfiguration that can allow in-wheel designs and operation in confined spaces.For Evo Electric's target market, these benefits mean that vehicles can uselighter, smaller and higher power components. Vehicle designs can thereforeexhibit higher fuel efficiency, and create lower emissions than if conventionaltechnology were used. Less space is occupied by the components, meaning thatmore space is available for passengers. The company is also backed by a strong and highly experienced management teamwhich includes CEO Peter Beynon and newly appointed Chairman, Michael Howell. MrBeynon has over 20 years of international business development and operationalexperience at companies including BTG plc, Dell Computer Corporation and ElmjetLtd. Michael Howell also brings with him a wealth of experience in the transportand electrical machines industry from his previous roles at Cummins EngineCompany, Inc., General Electric Company, Inc., Fenner plc, FPT Group Ltd andRailtrack Group plc. His most recent role include the CEO at Tie (formerlyTransport Initiatives Edinburgh) Ltd. responsible for Edinburgh's majortransport schemes including the tram project. He is currently the Chairman ofthe City & Guilds of London Institute. Susan Searle, Chief Executive of Imperial Innovations has also joined the boardas non-executive director. Susan Searle, Chief Executive, Imperial Innovations said, "After initiallyfunding EVO Electric's pre-commercial stages, we are delighted that the companyis making substantial progress. The strong technology and increasing demand forenvironmentally friendly vehicles along with this recent investment put thecompany in an excellent position for the future." Peter Beynon, Chief Executive, Evo Electric, said, "This is a very excitingopportunity to match Imperial College's strong technology capability with realmarket and environmental demands. There has been a tremendous amount of interestin Dr Lamperth's work, and we can now take this technology into the rapidlyexpanding hybrid vehicle market." -Ends- For more information contact: Imperial InnovationsSusan Searle, Chief Executive Officer +44 (0)20 7594 6591Lucy Ahfong, Marketing Communications Executive +44 (0)20 7594 6644 M:CommunicationsPatrick d'Ancona / Eleanor Williamson +44 (0)20 7153 1539 JP Morgan Cazenove (NOMAD to ImperialInnovations)Steve Baldwin +44(0)20 7588 2828 Notes to Editors About Imperial InnovationsImperial Innovations is one of the UK's leading technology transfer andcommercialisation companies. The company was founded in 1986 and its ordinaryshares admitted to trading on the AIM Market of London Stock Exchange plc inJuly 2006, raising £25 million at an offer price of 365p and £1 million by meansof a public offer. The company's integrated approach encompasses the identification of ideas,protection of intellectual property, development and licensing of technology andformation, incubation and investment in technology businesses. A wide range oftechnologies are commercialised within the areas of healthcare, energy,environment and emerging technology trends. Based at Imperial College London, the company has established equity holdings in74 technology businesses and is managing 133 commercial agreements as of 31 July2007. Imperial Innovations also commercialises technologies originating fromoutside Imperial College through incubation contracts with the Carbon Trust andWRAP and has commercialisation contracts with a number of multinationalcorporations including BAE Systems. www.imperialinnovations.co.uk This information is provided by RNS The company news service from the London Stock Exchange