Last checked at 13 Sep 2022 07:00
The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 which is part of UK law by virtue of the European Union (withdrawal) Act 2018. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
Transense Technologies plc
("Transense" or the "Company")
Transense and Meggitt SA enter into Memorandum of Understanding to evaluate licensing opportunities for Surface Acoustic Wave (SAW) sensor technology in the aerospace sector
Transense Technologies plc (AIM: TRT), the developer of specialist sensor systems, announces the signing of a Memorandum of Understanding (MoU) with Meggitt SA, the designer and manufacturer of complete condition monitoring, vibration monitoring and measurement solutions for the aerospace and energy markets.
Under the MoU, Transense will support Meggitt's evaluation of potential market opportunities for future deployment of SAW technology in the aerospace sector, with the shared intention for Transense to grant a licence covering relevant fields of use to Meggitt at the conclusion of the MoU on or before 31 December 2023.
Nigel Rogers, Executive Chairman of Transense, 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. Meggitt provides aerospace sensing and monitoring systems to the leading aerospace manufacturers and operators around the world, and are an ideal partner for Transense as we seek to promote our technology in this exciting arena."
Pierre-Alain Brodard, Acting SVP, Engine Sensing Meggitt, added, "We are excited about the collaboration with Transense. Their unique technology has the potential to become a great addition to our Engine Sensing portfolio. It fits perfectly with our strategy to support our Engine OEM customers with unparalleled sensing and monitoring solutions that are enabling the sustainable aviation of tomorrow."
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 aerospace, electric motors & drives, industrial machinery and performance automotive.
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.