Business
Optare agreement
Optare agreement.
About this update from T42 Iot Tracking Solutions Plc
[{"type":"text","content":"\n Traction Technology PLC\n19 November 2007\n\n\n\n Traction Technology Plc\n\n (AIM: TRAC)\n\n\n Agreement with Optare to develop and market hybrid buses\n\n\nTraction Technology Plc ('Traction' or the 'Company'), a designer and deliverer\nof environmentally friendly, low emission series diesel electric hybrid engine\nsystems, announces that it has signed a Memorandum of Understanding with The\nOptare Group ('Optare'), one of the UK's leading bus and coach designers and\nmanufacturers, to jointly develop a range of single deck series hybrid vehicles\nfor the UK bus market.\n\n\nIt is planned to produce the first prototype vehicle based upon an Optare Versa\nwith Traction's super capacitor powerpack by Spring 2008.\n\n\nSubject to the satisfaction of certain fuel economy and emissions targets,\nOptare has taken an option to build a minimum of 10 vehicles during 2008 for\nsale to various operators in the UK. Both parties are optimistic regarding the\nfurther sales opportunities for this new offering to the market.\n\n\nTraction's hybrid engine systems are already on trial with four separate bus\ncompanies in Merseyside, Suffolk, Sussex and with Epsom coaches on behalf of\nTransport for London.\n\n\nNick Brayshaw, Chairman of Traction, commented:\n\n\n'This agreement with Optare is a major step forward for Traction and now\nprovides us with a direct route to market. We look forward to providing Optare\nwith the proven technological advancements that we have made in our hybrid power\nand control systems in its operational environment.'\n\n\nOptare plays a leading role in UK bus design and manufacture and is one of the\nmarket leaders for single deck vehicles in the UK bus industry. The business\ncomprises of three divisions: Bus Manufacturing, Coach Sales and Unitec, its\ndedicated after-sales and parts division. Optare employ 550 people across all\ndivisions and has an annual turnover of around £60m. For more information visit\nhttp://www.optare.com.\n\n\n\n\nFor further information please contact:\n\n\nTraction Technology Plc\nNick Brayshaw, Chairman +44 (0) 1403 791 392\n\nAmbrian Partners Limited\nRichard Brown/ Richard Greenfield +44 (0) 20 7776 6400\n\nParkgreen Communications Limited +44 (0) 20 7479 7933\nPaul McManus +44 (0) 7980 541 893\n [email protected]\n\n\n\n\n This information is provided by RNS\n The...