9th Jul 2014 08:09
LONDON (Alliance News) - Shares in Turbo Power Systems Inc jumped by a quarter Wednesday after the electrical machines and power electronic systems provider said it has received a follow-on rail order from Canada's Bombardier Inc worth USD3.4 million for further auxiliary power units.
The company, which designs and manufactures electric motors, generators and power electronics systems, said the order is for further auxiliary power units, to support Bombardier's contract with the Toronto public transport authority, the Toronto Transit Commission. The auxiliary power units form a key part of a distributed power system throughout a train, providing a source of quality power for sub-systems such as air-conditioning equipment.
Turbo Power Systems said the purchase order was already included in its expectations for 2014 and 2015.
Turbo Power Systems said it has already supplied Bombardier over 700 auxiliary power electronics units for train sets in the seven years since it won its initial order with the company.
The company's shares were up 24% at 0.435 pence Wednesday morning.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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