Last checked at 14 Sep 2021 07:00
This announcement contains inside information for the purposes of the UK Market Abuse Regulations.
Transense Technologies plc
("Transense", or "the Company")
Transense Technologies plc enters into Joint Collaborative Agreement
with McLaren Applied Ltd ('McLaren Applied')
Transense is pleased to announce the signing of a Joint Collaborative Agreement ('JCA') with McLaren Applied. This JCA has been established to build on from the Joint Development Agreement that Transense and McLaren Applied agreed in 2011 which was to develop non-contact torque products for specific motorsport applications and target customers using Transense's Surface Acoustic Wave ('SAW') technology. The new agreement is initially for five years and will continue development of the Transense Torque Measurement System using SAW technology. Under the JCA, McLaren Applied have exclusivity in elite motorsport drivetrain applications in exchange for meeting minimum target revenues on an annual basis over five years.
Nigel Rogers, Executive Chairman of Transense, said: "This is another major milestone for Transense and McLaren Applied in our development of the Transense Torque Measurement System using Surface Acoustic Wave sensors for motorsport applications. Transense has been working closely with McLaren since 2009 on torque sensing in a number of racing series. Signing this agreement further cements our relationship, and we look forward to continuing our work with the world-renowned engineering company, McLaren Applied. Our shared aim is to deliver further success in the demanding and harsh environment of motorsport, and explore other applications of joint interest."
Matthias Dank, Motorsport Director of McLaren Applied, commented: "McLaren Applied is at the forefront of development and application of new sensing technology for high performance and challenging environments. This JCA is a demonstration of McLaren Applied's commitment to advancing the Surface Acoustic Wave sensing technology developed by Transense, which we have been applying to elite motorsport applications for over 10 years. With this renewed exclusive commitment between McLaren Applied and Transense, we anticipate significant growth in the adoption of this technology for torque sensing in motorsport, at a regulatory body level as a control sensor for rules compliance, and for performance advantage."
For further information please visit www.transense.com or contact:
Transense Technologies plc Nigel Rogers (Executive Chairman) Melvyn Segal (CFO) | Via Walbrook PR |
Allenby Capital (Nominated Adviser and Broker) Jeremy Porter/George Payne (Corporate Finance) Tony Quirke (Sales & Corporate Broking) | Tel: +44 (0)20 3328 5656 |
Walbrook PR Tom Cooper/Nick Rome | Tel: +44 (0)20 7933 8780 Transense@walbrookpr.com |
Notes to Editors:
Transense is a developer of specialist wireless sensor systems used to enable real-time data gathering and monitoring. Products include the patent protected Surface Acoustic Wave (SAW) sensor technology, used to improve equipment power, performance, reliability and efficiency; iTrack, Transense 's Tyre Pressure Monitoring System, licensed to Bridgestone Corporation, the world's largest tyre producer, under a ten-year deal in June 2020; and a range of intelligent tyre monitoring equipment under the Translogik brand. Target sectors include automotive, aerospace, industrial, green energy, rail and marine.
The Group's strategy is to maximise shareholder value through the delivery of sustained revenue growth from all three principal technologies - SAW, iTrack and Translogik probes - through leveraging excellence in innovation, know-how in commercialising technologies, industry partnerships and exposure to global growth markets.
Transense is headquartered in Oxfordshire, UK, and was admitted to trading on AIM, a market operated by the London Stock Exchange (AIM: TRT), in 1999. www.transense.com
For further information please contact transense@walbrookpr.com .