5th May 2005 07:00
Tanfield Group PLC05 May 2005 Tanfield Group plc ('Tanfield' or 'the Company') Development of Strategic Growth Opportunities The Directors of Tanfield are pleased to announce that they have established apartnership supply agreement with a major European commercial vehiclemanufacturer. Under the terms of the agreement Tanfield will undertake toelectrify two vehicles in their range incorporating Azure Dynamics' controltechnology. These electric vehicles will be mid range delivery vans and minibustypes. Initially they will be sold through the UK distribution network but it isexpected that other European territories will be added in due course. The Directors are also pleased to announce that they have signed an outlineagreement with QinetiQ plc which will allow the Group future access to QinetiQ'sadvanced energy technology, in particular their fuel cell technology, and toevaluate with QinetiQ the opportunities to exploit that technology in thefuture. Further detailed discussions are to take place as regards the way thatthe Group and QinetiQ can maximise the commercial benefit from exploiting thetechnology. The Directors believe that these are significant strategic steps for the growthof SEV, the Group's electric vehicles division. Roy Stanley, Chief Executive,Tanfield Group Plc Tel. 01207 521111 Ruari McGirr or Marc YoungDaniel Stewart Tel. 020 7374 6789 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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