TPG.L Regulatory News (TPG)

19 Sep 2006 07:01

Corac Group Plc19 September 2006 For Immediate Release 19 September 2006 CORAC GROUP PLC £900,000 Competitive DTI Grant and First Shipment of 150 kW Turbo Compressor Corac Group plc ('Corac' or the 'Company') is pleased to announce that it hasbeen awarded two competitive DTI grants for its patented power electronicssystem. The grants are for research into increasing the temperature in whichCorac's electrical switching devices are able to operate for downhole gasapplications. Currently, these switching devices operate in temperatures of upto 105 degrees centigrade. This research work should enable the devices tooperate in environments of up to 110 degrees centigrade and in the longer term,to withstand much higher temperatures. The grant, which will contribute £900,000towards the Company's costs will cover a three year period. Corac will be working with Dynex and the Universities of Sheffield, Newcastleand Nottingham to achieve this important goal. When successful, this project isexpected to not only satisfy a wider range of downhole gas compressorapplications, but could also be applicable to a number of other high temperaturemotor control opportunities. In addition to the above grant, Corac is pleased to report that its first 150 kWturbo boosting compressor has been built and fully evaluated by LeobersdorferMaschinenfabrik AG of Austria. The unit has been accepted by the customer forshipping with a second machine to be built and shipped in the near future. Professor Gerry Musgrave, Executive Chairman said: "These activities illustrate the significant progress that the Company ismaking. We have industry acceptance of our technology, the commencement ofshipments for commercial operations and the acceptance of leading edge researchinto the power electronics field." For further information: Professor Gerry Musgrave, Executive ChairmanThomas Ivings, Finance DirectorCorac Group plc 01895 813463 Richard Darby, Suzanne Brocks, Ben WilleyBuchanan Communications 020 7466 5000 Notes to editors Corac is an intellectual property, engineering and licensing group, focussing onhigh speed electrical direct drive turbo machinery based on its unique expertisein gas bearings for which it holds several patents. Corac has created aninnovative 'no oil' turbo compressor together with a unique gas seal, and ispart of a joint industry programme for the downhole gas extraction industry. Further information on Corac is available on the internet at www.corac.co.uk This information is provided by RNS The company news service from the London Stock Exchange