Sevcon Secures Grant to Develop New Range of Controllers for Electric and Hybrid Vehicles
25 April 2015 - 3:18AM
Sevcon, Inc. (Nasdaq:SEV), a world leader in the design and
manufacture of controls for zero emission electric and hybrid
vehicles, is recruiting an additional 20 skilled staff after
receiving a £400,000 grant to develop a new range of controllers
for electric and hybrid vehicles.
The company has been successful in securing funds from the U.K.
government sponsored Regional Growth Fund, which will be used to
develop the next generation of its successful Gen4 controller.
The low voltage controller will provide additional functionality
and deliver improved performance, exceeding the emerging
environmental and regulatory benchmarks in smaller dimensions than
its predecessor.
"This award comes at a time of rapid growth for the business,
and will help us cement our position as a world-leader in the motor
control market," said Sevcon President and Chief Executive Officer
Matt Boyle. "The world-wide drive for electrification gives us the
confidence to invest in developing new products, and this award is
testament to the strength of the business proposition we currently
offer."
The company is currently recruiting an additional staff of 13
and expects to add an additional seven as it builds momentum.
"This new controller will put Sevcon at the forefront of the
global electrification drive," said Sevcon Global Product Manager
Stephen Chilton. "Electrification aims to reduce emissions from
internal combustion engines through such applications as the
replacement of traditional hydraulic and belt-driven systems with
electric motors, and some customers are predicting a 35 percent
reduction in emissions."
"The product will offer unparalleled ease-of-use, allied with
the ability to customize the functionality and operation to allow
users with small product volumes to have access to advanced
'off-the-shelf' electrification solutions," Chilton said. "The
support offered by the Regional Growth Fund allows Sevcon to invest
in employing the world's best engineers. These engineers will be
needed to deliver these innovative products into environment-saving
applications in the coming years."
Sevcon has shipped more than 111,000 of its Gen4 controller,
which was launched in 2010 and is the undisputed market leader,
featuring in, among others, Renault's "Twizy" – an electric, city
quadricycle. In addition, the Gen4 powers the majority of mid- and
high-performance electric motorcycles around the world, and is also
proving popular with Tier I manufacturers for on-road vehicle
applications in the rapidly growing Asian electrification
market.
About Sevcon, Inc.
Sevcon is a world leader in the design and manufacture of
controls for zero emission electric and hybrid vehicles. The
controls are used to vary the speed and movement of vehicles, to
integrate specialized functions, and to optimize the energy
consumption of the vehicle's power source. Sevcon supplies
customers throughout the world from its operations in the USA, the
UK, France and the Asia Pacific region and through an international
dealer network. Sevcon's customers are manufacturers of on and off
road vehicles including cars, trucks, buses, motorcycles, fork lift
trucks, aerial lifts, mining vehicles, airport tractors, sweepers
and other electrically powered vehicles. For more information,
visit www.sevcon.com.
Forward-Looking Statements
Statements in this release about Sevcon's future financial
results, including the receipt of the Regional Growth Fund Grant,
the recruiting of new staff, its future leadership position and
growth expectations, are forward-looking statements subject to
risks and uncertainties that could cause actual results to differ
materially from those we anticipate. In particular: capital markets
are cyclical and weakness in the United States and international
economies may harm our business; global demand for electric
vehicles incorporating our products may not grow as much as we
expect; our customers' products may not be as successful as those
of other entrants in the electric vehicle market who are supplied
by our competitors; we may not be able to attract and retain the
level of high quality engineering staff that we need to develop the
new and improved products we need to be successful; we are
dependent on a few key suppliers and subcontractors for most
components, sub-assemblies and finished products, and we may not be
able to establish alternative sources of supply in time if supplies
are interrupted; we may not be able to raise the capital we
anticipate needing to grow our business; and companies we acquire
may be more costly to acquire and integrate, or may not generate as
much revenue and earnings, as we anticipate. Please see the
Company's most recent Forms 10-K and 10-Q on file with the SEC for
further information regarding Sevcon's risk factors.
CONTACT: David Calusdian
Sharon Merrill Associates
1 (617) 542 5300
dcalusdian@InvestorRelations.com
Matt Boyle
President and CEO
1 (508) 281 5503
matt.boyle@Sevcon.com
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