22 Apr 2014 07:01
22 April 2014
Torotrak plc
("Torotrak" or the "Group")
Advanced Propulsion Centre initiative award
Technology Strategy Board Funding for Excavator Project in collaboration with JCB
Torotrak (LSE: TRK) announces the award of funding from the UK's innovation agency, the Technology Strategy Board, to work in a co-funded consortium including JCB, on an off-highway vehicle project. The award has been made under the Advanced Propulsion Centre initiative, which is designed to advance the development and manufacture of new, low carbon vehicle technologies in the UK. The total project value is £7.3m, divided among the consortium members, with an anticipated £3.3m in funding from the Technology Strategy Board.
The 30 month project is expected to commence in mid-2014 and will focus on maximising efficiency of an excavator by modifying its hydraulic power delivery system and using mechanical energy recovery technology. Torotrak expects to receive funding of at least £1.1m to develop Flybrid® technology for an excavator application. In line with the aims of the Advanced Propulsion Centre, the consortium plans to significantly reduce fuel consumption and total CO2 emissions for JCB's future excavator products.
Torotrak is pleased to be working with JCB on this project which takes the Flybrid energy recovery technology through a product development programme, targeting a production-ready design for the off-highway market. Mechanical energy storage technology is ideally suited to off-highway applications, and will offer a highly cost-effective way to reduce emissions and fuel consumption in heavy duty-cycle vehicles such as excavators. Torotrak has a high level of experience and understanding of the long life, low maintenance and rapid payback requirements of on-highway commercial vehicle operators, developed through the Flybrid-Wrightbus programme, which is due to see flywheel-KERS buses on the road this year. This new project will be an ideal follow-on to utilise this knowledge in a new market.
Jeremy Deering, Torotrak's Chief Executive said: "Torotrak is delighted to be working with off-highway equipment market leader, JCB. This project further underlines the broad range of applications for our Flybrid® KERS technology, particularly in proving its value in demanding environments and harsh duty cycle applications."
For more information, please visit www.torotrak.com or contact:
Torotrak plc Jeremy Deering, Chief Executive / Rex Vevers, Finance Director |
Tel: +44 1772 900931 |
Charles Stanley Securities (financial adviser and joint broker to Torotrak) Marc Milmo / Karri Vuori / Carl Holmes |
Tel: +44 20 7149 6000 |
N+1 Singer (joint broker to Torotrak) Andrew Craig / Ben Wright |
Tel: +44 20 7496 3000 |
Tavistock Communications (financial PR) Simon Hudson / Lulu Bridges / James Collins |
Tel: +44 20 7920 3150 or +44 (0)7966 477256 |
About Torotrak
Torotrak is a leading developer and supplier of variable drive transmission, engine boosting and kinetic energy recovery systems for vehicles. Our portfolio of technology solutions substantially improves fuel economy and reduces CO2 emissions in vehicles through harnessing the power of supercharging to enable engine downsizing, capturing and recycling energy that would otherwise be lost and managing the engine at the optimum point. Torotrak completed the acquisition of Flybrid in January 2014.
About JCB
JCB is the world's third largest construction equipment manufacturer by volume and market leader in the UK, Europe, India and Russia/CIS. It operate 22 plants around the world, of which 11 are in the UK, making over 300 different products including backhoe loaders, telescopic handlers, tracked and wheeled excavators, wheeled loading shovels and skid steer loaders. JCB is a vertically integrated company, manufacturing its own major components in house, including engines, gear boxes, axles, hydraulic cylinders and cabs. JCB has received 27 Queen's Awards for Enterprise in recognition of its many product innovations in construction equipment over its 68 year history. The company employs 11,000 people, of which 6,500 are based in the UK.
Technology Strategy Board
The Technology Strategy Board is the UK's innovation agency. Its goal is to accelerate economic growth by stimulating and supporting business-led innovation. Sponsored by the Department for Business, Innovation and Skills (BIS), the Technology Strategy Board brings together business, research and the public sector, supporting and accelerating the development of innovative products and services to meet market needs, tackle major societal challenges and help build the future economy. For more information please visit www.innovateuk.org.
-ends-