TIDMEQIP
RNS Number : 3895P
Equipmake Holdings PLC
09 October 2023
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014 as it forms part of UK
domestic law by virtue of the European Union (Withdrawal) Act 2018
("MAR").
Equipmake Holdings plc
("Equipmake" or the "Company")
Selection by Perkins Engines to Collaborate on a Project to
Demonstrate An Off-Highway Hybrid Vehicle System & Award of
GBP3.24m of Government Funding from the Advanced Propulsion Centre
UK
Equipmake, the UK-based engineering specialist pioneering the
development and production of electrification products across the
automotive, aerospace, bus, and coach industries, is pleased to
announce its selection by Perkins Engines Company Ltd ("Perkins"),
to leverage its e-powertrain technology and experience on a new
off-highway hybrid system demonstration project, and the award of
GBP3.24m of associated government funding through the Advanced
Propulsion Centre UK ("APC").
Perkins is a wholly owned subsidiary of Caterpillar Inc, the
world's leading manufacturer of construction and mining equipment,
off-highway diesel and natural gas engines, industrial gas turbines
and diesel-electric locomotives.
Overview:
-- Equipmake joins with Perkins and Loughborough University on a
new collaboration project to design, develop and demonstrate a
range of lower carbon, hybrid power systems for the off-highway
sector.
-- Led by Perkins, the programme has been awarded GBP11 million
in funding by the APC, with Equipmake receiving a total of GBP3.24
million.
-- The programme will develop a 'multi-fuel drop-in' lower
carbon hybrid power unit as an alternative to existing diesel
powertrains.
-- It will enable a wide range of specialist OEMs to accelerate
their transition to lower carbon fuels and electrification in the
off-highway sector.
-- Equipmake will develop a bespoke, heavy-duty hybrid electric
system, featuring its high torque density electric motor and
inverter technologies, and establish initial production
capability.
-- Programme will provide Equipmake access to a global
off-highway market, with potential annual volumes in excess of
thousands of units per annum.
-- Development of the hybrid system is expected to take 42 months.
Ian Foley, Equipmake CEO, said: "Equipmake has always been at
the forefront of innovation in electric motors and inverters, and
we are delighted to have been selected by Perkins for this
innovative hybrid electric powertrain project. We would like to
thank the APC for its foresight in granting support funding for
this new project, which has the potential to enable multiple global
off-highway vehicle OEMs to meet net zero objectives while at the
same time creating new jobs and safeguarding the existing supply
chain.
"This project also represents a key element of our strategic
development at Equipmake, giving us access to a global off-highway
market through this decarbonisation technology, and over time a
significant extension in our volume production capabilities. It
also further underlines Equipmake's position as a leading provider
of state-of-the-art electrification systems to multiple
industries."
Further Information
Equipmake is pleased to announce that it has been selected by
Perkins to leverage its e-powertrain technology for a new
off-highway hybrid system demonstration project. The project's
objective is to support development and demonstration of an
electrified, lower carbon hybrid powertrain for the global
off-highway market, enabling vehicle and machinery OEMs to
accelerate their transition from fossil fuels.
Led by Perkins, a wholly owned subsidiary of Caterpillar Inc.,
with Equipmake providing e-powertrain technology and Loughborough
University supporting through advanced engine analytics and
emissions control (together "the Project Consortium"), the project
will see the design, development and demonstration of a 'multi-fuel
drop-in' hybrid powertrain, which will provide an alternative to
existing diesel solutions in off-highway vehicles and will support
the UK and global off-highway industries to deliver net zero
objectives.
Capable of running on multiple lower carbon intensity fuels such
as bio-methanol, eFuels or zero-carbon fuels such as hydrogen, the
heavy-duty hybrid system will feature a state-of-the-art
bespoke-designed high torque density electric motor and inverter,
alongside all associated power electronics, all of which will be
completely designed and developed in-house by Equipmake.
The hybrid powertrain system can be configured to provide
performance in the range of 45-250kW depending upon application.
Development will begin in September 2023 and will take 42 months,
with a product demonstration planned for 2027.
The Project Consortium has been awarded a total of GBP11.14m in
government funding through the APC, with Equipmake being allocated
GBP3.24m which will be paid quarterly in arrears from Q1 2024.
**ENDS**
For further information, please contact:
Equipmake Via St Brides Partners
Ian Foley, Founder and CEO
Steven McGillivray, CFO
Panmure Gordon (Corporate Adviser & Joint Tel: +44 (0) 20 7886
Broker) 2500
John Prior / James Sinclair-Ford / Freddie
Twist
Hugh Rich / Sam Elder
VSA Capital Limited (Joint Broker) Tel: +44 (0) 20 3005
Simon Barton / Alex Cabral 5000
St Brides Partners (Financial PR Adviser) Tel: +44 (0) 20 7236
Susie Geliher / Paul Dulieu 1177
equipmake@stbridespartners.co.uk
About Equipmake
Equipmake is the UK-based engineering specialist pioneering the
development and production of electrification products to meet the
needs of the automotive, aerospace and other sectors in support of
the transition from fossil-fuelled to zero-emission
powertrains.
Equipmake is a leader in ultra-high performance electric motors
and complete EV drivetrains and ultra-fast power electronic
systems. As well as developing proprietary technology - such as an
ultra-compact, lightweight high performance spoke motor - it also
offers industry-leading EV consultancy.
Equipmake has developed a vertically integrated solution
providing fully bespoke solutions. The Company has built a
significant pipeline of opportunities, as demand for electric
vehicles increases as part of the global decarbonisation
movement.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
NEXFZMGGKLVGFZG
(END) Dow Jones Newswires
October 09, 2023 02:00 ET (06:00 GMT)
Equipmake (AQSE:EQIP)
Historical Stock Chart
From Apr 2024 to May 2024
Equipmake (AQSE:EQIP)
Historical Stock Chart
From May 2023 to May 2024
