26th Feb 2014 15:12
LONDON (Alliance News) - Torotrak PLC said Wednesday it has been awarded grants from the UK's Technology Strategy Board for two projects in which it is taking part.
The first project, to develop an optimised supply chain for manufacturing discs and rollers, is valued at GBP3.8 million. Of which, GBP2.4 million will be supplied from the grant.
The Technology Strategy Board is sponsored by the UK government's Department of Business Innovation and Skills.
Torotrak also will be developing a new application for its Flybrid KERS technology to be integrated into a manual gearbox in collaboration with Lotus Cars Ltd, and this project also will be supported by a grant from the Technology Strategy Board.
The Lotus project has a value of GBP4.3 million for the consortium and will be part funded by the grant. Torotrak said the value of work it will be directly undertaking will be GBP700,0000. It will run for two years starting from the second quarter of 2014.
Shares in Torotrak were trading up 5.5% at 21.50 pence Wednesday afternoon.
By Hana Stewart-Smith; [email protected]; @hanassallnews
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