31st Mar 2008 07:00
Traction Technology PLC31 March 2008 Traction Technology Plc (AIM: TRAC) Report and Accounts Traction Technology Plc ("Traction" or the "Company"), which designs andsupplies environmentally friendly, low emission series diesel electric hybridengine systems, announces that the Report and Accounts for the seven monthperiod ended 31 December 2007 has today been sent to shareholders and is nowavailable to be downloaded from the Company's website at www.ttplc.co.uk. The period under review has included the following operational highlights: • TRIBRID power-pack launched in July 2007 - the first commercially available 'supercap' powered hybrid bus in the UK. This vehicle has the ability to draw on three separate power sources - the diesel engine, batteries or super-capacitors. • Memorandum of understanding signed with The Optare Group in November 2007 to jointly develop a range of single deck supercap hybrid vehicles for the UK Market. Subject to satisfactory trials of the first vehicle, Optare has taken an option on up to a further 10 vehicles. • Contract signed with Merseytravel to supply four supercap hybrid Optare Solo buses during 2008. This followed extensive competitive evaluation by Merseytravel and stands the Company in very good stead for future trials in London where the Company will be running against the same competition and others. • Four vehicles are in current service with operators; to date these vehicles have completed over 80,000 miles, gaining real time experience and operational data on their performance with Traction's hybrid engine system. • Technical capability increased during the period and the Company is currently designing the next generation of hybrid engine control system which will be flexible and scalable to larger and smaller vehicles as well as provide more effective energy management and further increase reliability. Chairman, Nick Brayshaw commented: "Having demonstrated our capability on hybrid buses in the UK our Board believesthat Traction is now the most technologically advanced developer of serieshybrids in the UK and is now pursuing a number of other opportunities within thelow carbon vehicle and energy recovery markets as well as looking to developbusiness opportunities overseas." Contacts: Traction Technology plc Ambrian Partners Ltd Parkgreen Communications LtdNick Brayshaw, Chairman Richard Brown Paul McManus01403 791392 Richard Greenfield 020 7479 7933www.ttplc.co.uk 020 7634 4700 07980 541 893 [email protected] This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
T42 Iot Track.