Transense Selected for £11 Million EV R&D Project

Transense Technologies PLC

18 September 2024

 

The information contained within this announcement is deemed by the Company to constitute inside information pursuant to Article 7 of EU Regulation 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 as amended. With the publication of this announcement, this information is now considered to be in the public domain

18 September 2024

Transense Technologies plc

("Transense" or the "Company")

Transense SAWsense Technology Selected for £11 Million EV R&D Project

Transense Technologies plc, a leading innovator in sensor technology and measurement systems for the automotive and aerospace sectors, has been selected as a key partner in an ambitious £11 million electric vehicle (EV) research and development programme, that will be part funded by the UK Government through the Advanced Propulsion Centre UK ("APC").

Following a competitive bid process led by Protean Electric ("Protean"), a global leader in automotive technology and in-wheel motor solutions, Transense will collaborate with Protean and its other partners - Unipart, Viritech and Hypromag - to deliver the Power-electronics Upscale for Localisation and Sustainable Electrification ("PULSE") programme. The PULSE programme aims to bring cutting-edge UK-developed power-electronics products and manufacturing capabilities to the EV market.

Transense will contribute its SAWsense technology to enhance Protean's in-wheel motor assemblies, improving control and performance. This involves integrating SAWsense sensing elements within the motor system, along with electronics and control software, as part of Protean's new 800V Twinverter system.

The 30-month PULSE project will build on Protean's Gen5 in-wheel motor technology by developing an advanced 800V Silicon Carbide (SiC) Twinverter and in-wheel motor for use in both lightweight and heavy-duty EVs. The PULSE project will also focus on creating an integrated drive unit to meet growing demand in the EV market.

As part of the project, Transense will also invest in developing its supply chain and manufacturing capabilities, ensuring readiness to meet automotive market production and quality requirements and support Protean's market launch.

Ryan Maughan, Managing Director of Transense Technologies plc, commented:

"We are thrilled to be a part of this groundbreaking EV drive system project, propelling the UK's automotive industry toward sustainable electrification. Winning such a competitive bid is a testament to the confidence in our SAWsense technology and our team's expertise. This project underpins our near-term revenue forecasts and presents long-term opportunities for production revenue."

Stephen Lambert, CTO of Protean Electric, added:

"Project PULSE brings together a world class consortium to develop in-wheel motor power electronics and the manufacturing solutions needed to manufacture in volume.  We are delighted to be working with Transense to deliver motor integrated torque sensing technology, having seen the potential in initial feasibility and technical studies that have already been completed."

For further information please visit https://www.transense.com or contact:

Transense Technologies plc Nigel Rogers (Executive Chairman) Ryan Maughan (Managing Director) Melvyn Segal (Chief Financial Officer)		Via Investor Relations (see below)
Allenby Capital (Nominated Adviser and Broker) Jeremy Porter / George Payne (Corporate Finance) Stefano Aquilino / Tony Quirke (Sales and Corporate Broking)		Tel: [phone]
Investor Relations Anice McNamee	Tel: [phone]  [e-mail]

Notes to Editors:

Transense is headquartered in Oxfordshire, UK and its shares are traded on AIM, a market operated by the London Stock Exchange (AIM: TRT). The Company develops and supplies advanced sensor technology and measurement solutions used by some of the world's leading companies to improve performance, efficiency, and safety in demanding, mission critical applications. Transense currently operates through two active business segments:

·    SAWsense - designs, supplies and licences advanced sensor solutions based on proven, patent protected Surface Acoustic Wave (SAW) technology to world leading companies in aerospace, automotive, and industrial machinery (including robotics), enabling improved efficiency and performance of their products. Key customers include GE Aerospace, Parker Meggitt, McLaren Applied, Airbus and several other confidential Tier One automotive, aerospace and industrial machinery suppliers.

·    Translogik - develops smart, connected commercial vehicle tyre inspection equipment to many of the world's leading tyre suppliers, fleet operators and service centres. Enabling accurate measurement and digital capture of safety-critical tyre condition data, used to reduce operating costs, improve safety and provide audit records for regulatory compliance. Key customers include Bridgestone, Goodyear, Continental and Prometeon (Pirelli), and leading independent providers of vehicle fleet maintenance management software.

In addition, Transense earns residual royalty income from Bridgestone iTrack - a tyre monitoring system for off-highway vehicles that was developed by Translogik. The associated sales, support and development infrastructure were sold to Bridgestone Corporation, the world's largest tyre producer, in June 2020, and the intellectual property was licensed exclusively to Bridgestone under a ten-year deal expiring in 2030.

Find out more at: https://www.transense.com/

 

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