21st Apr 2016 08:00
LONDON (Alliance News) - Emissions reduction and fuel-efficiency technology company Torotrak PLC on Thursday said it has redeployed resources amid uncertainty for its KERS bus technology.
Torotrak said the results from the UK government's Ultra Low Emission Bus grant applications have been delayed, with no new announcement made on when the awards will be given out.
This uncertainty, coupled with low fuel prices, has caused bus operators to postpone investing in low-emission technologies, Torotrak said. As a result, it and partner Wrightbus will delay further investment in the launch of Torotrak's KERS technology for buses until the situation becomes clearer.
Torotrak will redeploy its cash resources on other, revenue-generating and near-term commercial opportunities in response to the delays.
Beyond this, Torotrak said its KERS off-highway technology has gained significant traction and said it has seen strong interest in its V-Charge technology from carmakers.
Shares in Torotrak were down 13% to 4.68 pence on Thursday morning.
By Sam Unsted; [email protected]; @SamUAtAlliance
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