Traction Technology PLC
19 November 2007
Traction Technology Plc
(AIM: TRAC)
Agreement with Optare to develop and market hybrid buses
Traction Technology Plc ('Traction' or the 'Company'), a designer and deliverer
of environmentally friendly, low emission series diesel electric hybrid engine
systems, announces that it has signed a Memorandum of Understanding with The
Optare Group ('Optare'), one of the UK's leading bus and coach designers and
manufacturers, to jointly develop a range of single deck series hybrid vehicles
for the UK bus market.
It is planned to produce the first prototype vehicle based upon an Optare Versa
with Traction's super capacitor powerpack by Spring 2008.
Subject to the satisfaction of certain fuel economy and emissions targets,
Optare has taken an option to build a minimum of 10 vehicles during 2008 for
sale to various operators in the UK. Both parties are optimistic regarding the
further sales opportunities for this new offering to the market.
Traction's hybrid engine systems are already on trial with four separate bus
companies in Merseyside, Suffolk, Sussex and with Epsom coaches on behalf of
Transport for London.
Nick Brayshaw, Chairman of Traction, commented:
'This agreement with Optare is a major step forward for Traction and now
provides us with a direct route to market. We look forward to providing Optare
with the proven technological advancements that we have made in our hybrid power
and control systems in its operational environment.'
Optare plays a leading role in UK bus design and manufacture and is one of the
market leaders for single deck vehicles in the UK bus industry. The business
comprises of three divisions: Bus Manufacturing, Coach Sales and Unitec, its
dedicated after-sales and parts division. Optare employ 550 people across all
divisions and has an annual turnover of around £60m. For more information visit
http://www.optare.com.
For further information please contact:
Traction Technology Plc
Nick Brayshaw, Chairman +44 (0) 1403 791 392
Ambrian Partners Limited
Richard Brown/ Richard Greenfield +44 (0) 20 7776 6400
Parkgreen Communications Limited +44 (0) 20 7479 7933
Paul McManus +44 (0) 7980 541 893
paul.mcmanus@parkgreenmedia.com
This information is provided by RNS
The company news service from the London Stock Exchange