Torotrak on course to commercialise KERS technology
TOROTRAK, a developer and supplier of emissions reduction and fuel efficiency technology in vehicles, says it is on course to commercialise its KERS technology.
Combined with the appointment of chief executive Adam Robson in April and a 20% reduction in the Preston company’s cost base – with full benefits expected in the next financial year – Torotrak is expecting to benefit from KERS fitted to buses, JCB vehicles and V-Charge for mass-market cars.
In its half year results to September 30 the company reported £12.4m net raised through a subscription, firm placing, placing and open offer.
The Flybrid “Off-Highway” KERS is an Advance Propulsion Centre funded programme with JCB which is well on track, Torotrak’s statement said.
The KERS system currently being tested on machines to optimise fuel saving capability, and commercial discussions are well advanced to secure a supply agreement with a global Tier 1 partner to manufacture and supply KERS systems in volume to JCB.
Meanwhile, the KERS-enabled Euro V StreetLite bus trial with Arriva has been completed with development improvements made to its second generation design.
And V-Charge on-engine rig testing is has taken place at the University of Bath with initial results in line with simulation tests.
The Ford Focus car is ready for installation of the V-Charge adapted engine once rig testing at Bath is completed and strong customer interest from other manufacturers pending the outcome of test has also been reported.
Torotrak chairman Nick Barter said: “I am pleased with the progress we have made against our strategy since Adam’s appointment as chief executive.
“The main bus and off-highway KERS programmes remain on track to meet the technical and commercial targets required to achieve commercial launch in collaboration with our Tier 1 partner.
“On V-Charge, the initial results from on-engine testing conducted by the University of Bath confirm the simulated improvements in fuel efficiency and performance.
“Discussions with potential Tier 1 licensees across our technology portfolio continue to move forward. Overall we are on track to deliver our plans as laid out in the prospectus issued in June 2015.”
The company reported a cash balance of £14.4m at September 30.
