Lhasa
14 years ago
Just in case nobody here knows about Allison
Here is what they say about themselves :-
‘ We are the world’s largest manufacturer of fully-automatic transmissions for medium- and heavy-duty commercial vehicles, medium-and heavy-tactical U.S. military vehicles and hybrid-propulsion systems for transit buses. Allison transmissions are used in a variety of applications, including on-highway trucks (distribution, refuse, construction, fire and emergency), buses (primarily school and transit),motorhomes, off-highway vehicles and equipment (primarily energy and mining) and military vehicles (wheeled and tracked). The Allison brand is one of the most recognized in our industry as a result of the performance, reliability and fuel efficiency of our transmissions. We estimate that globally, in 2010, we sold approximately 60% of all fully-automatic transmissions for medium- and heavy-duty on-highway commercial vehicle applications, and we are well-positioned to capitalize on numerous attractive growth opportunities. For the year ended December 31, 2010, we generated net sales of $1,926.3 million, net income of $29.6 million, Adjusted net income of $273.7 million and Adjusted EBITDA of $617.0 million, representing a 32.0% Adjusted EBITDA margin.’
‘We have more new products under development today than at any time in our history. We are leveraging our success in hybrid transit buses to introduce a new hybrid-propulsion system for medium- and heavy-duty commercial trucks for which we received a $62.8 million cost-share grant from the DOE. We will pursue sales in the Class 6-7 and Class 8 straight truck markets as well as other end markets with this technology. We expect the first of these new products, for the medium-duty commercial truck market, will begin production in late 2012. The objective for this family of hybrid-propulsion products is to create an improvement in fuel efficiency of 25% to 35% for a typical vehicle, pendent upon vocation and duty cycle. We are also developing a new fully-automatic transmission for Class 8 tractors used in metro applications, which we believe offers better fuel efficiency and performance than manual transmissions and AMTs. We will continue to invest in these and other advanced fuel efficient technologies.’
Lhasa
14 years ago
Here comes that good news today from Allison
13 April 2011
Torotrak plc
("Torotrak" or "the Company")
Further commitment by Allison Transmission, Inc.
£8.0 million additional licensing and engineering services revenue
Technology and Markets Review
Torotrak (LSE: TRK), leaders in the commercial application of gearless traction drive technology which delivers fuel efficiency and emission improvements in vehicles, announces the next stage of investment by multinational commercial vehicle transmission manufacturer, Allison Transmission Inc. ("Allison").
We are pleased to confirm that we have concluded agreements totalling approximately £8.0 million. This supports the immediate start of a production intent design as part of Allison's multi stage programme, supported by Torotrak, developing the technology to the intended end position where the transmission is production ready.
Since signing our initial agreement with Allison in March 2009, £9.6 million of licensing and engineering fees have been paid to Torotrak. The further commitments announced today will bring the cumulative value of licence and engineering fees to £17.6 million over the three year period to April 2012.
Allison remains Torotrak's largest shareholder with a 9% holding in the Company.
Licence and exclusivity payments
£6.8 million is payable in two instalments by way of Allison's election to take up further rights under the Licence and Exclusivity Agreement ("LEA") that was signed in March 2009. £3.5 million is payable immediately and £3.3 million a year thereafter. The payments secure Allison's rights to a non-exclusive licence in 2013 in the above 14,000 kilogram gross vehicle weight commercial vehicle market; such rights are currently held on an exclusive basis (other than pre-existing licensees) until 2013 by another commercial vehicle customer, our European Truck and Bus Manufacturer ("ETBM") whose name currently remains confidential.
In addition, the payments allow Allison a period of two years up to March 2013 during which the Company agrees not to pursue further licensing with other parties in key areas within the commercial vehicle market ("Exclusivity Rights"). Following this two year period, under the LEA Allison has the option to continue with its Exclusivity Rights on a perpetual basis for a further payment of £10.6 million. At that stage, Allison will have purchased perpetual full licence rights on a non-exclusive basis and may not view the option of purchasing Exclusivity Rights as being necessary, in which case Torotrak will at that time have the ability to license other commercial vehicle customers on a non-exclusive basis.
In addition to the licence and exclusivity payments, the LEA provides for per unit royalties payable to Torotrak upon start of production based on a percentage of the manufactured value of each transmission produced.
Production intent transmission design programme
In addition to the licensing arrangements described above, Torotrak has agreed to provide engineering support to Allison throughout its production intent transmission programme. This carries a committed level of engineering support from Torotrak of around £1.2 million in the first year of the multi stage programme.
The next phase will see the two companies working very closely together, with Allison commissioning application engineering support from Torotrak. The Company has been keen to support Allison in this way as it is beneficial in two key respects. First, through this collaboration the Company will be closely involved and can play a strongly supportive part in helping to deliver programme success. Secondly, it secures a substantial level of forward engineering order value, in addition to other consultancy work with other key customers.
The programme of work with Allison over the last two years has delivered in depth training in Torotrak's technology to Allison's engineers and has also seen a substantial level of testing and confidence building in the Company's technology. This has led to the successful conclusion of the first phase of engagement with Allison.
Following this milestone, the programme is now moving into a phase for which Torotrak will provide engineering support in core technology areas where Torotrak has particularly strong expertise, such as:
o system architecture selection
o variator design and validation testing
o hydraulics and software control system design and verification
o specialist testing utilising our purpose built test rigs in Leyland
Torotrak's technology and market benefits
The progress in Torotrak's various commercial vehicle programmes over the last three years has confirmed the Company's view of the benefits that Torotrak's technology can bring in this market, materially improving fuel economy and reducing emissions, whilst also improving smoothness of driver and passenger experience and vehicle controllability. Although the exact levels of benefit are dependent upon the particular drive cycle or route for a given vehicle, the results have shown that fuel savings in excess of 10% are achievable. In the delivery truck and urban bus sectors, which represent a high percentage of the commercial vehicle addressable market, greater levels of fuel saving will be possible due to the stop/start nature of the drive cycle (where Torotrak's technology is particularly effective).
This level of fuel economy improvement addresses directly the raft of C02 reduction legislation proposed for the USA and Europe for the second half of this decade.
In addition to the C02 reduction, there are confirmed legislative targets for noxious gas emissions (such as Euro VI) which seek to achieve a substantive reduction in exhaust emissions. The work carried out through our internal and customer programmes has demonstrated that Torotrak technology can be an important enabler for reducing emissions. This is achieved by managing engines at their most efficient operating conditions.
In addition to Torotrak's work with Allison, the Company's programme with ETBM continues to run to plan with the recent acceptance of the vehicle handover following the achievement of key test and vehicle performance milestones. This second programme, and the resilience that it brings in terms of a different programme approach and a separate route to market via a substantial OEM, adds considerably to the Company's confidence in the commercial introduction of Torotrak's transmission technology in the commercial vehicle market.
In other markets, Torotrak continues to work collaboratively on programmes to deliver more effective use of motive power and to help conserve energy. These programmes include applications such as main drive transmissions, supercharger drives, variable speed accessory drives and power transfer management for kinetic energy recovery systems. Torotrak's customers and partners include major international vehicle and equipment manufacturers and specialist component and engineering services providers.
Trading update
All parts of the business continue to operate in line with expectations and the agreement with Allison is a good start to the new financial year. The Company's preliminary results for the year ended 31 March 2011 are expected to be announced on 24 May 2011.
Lhasa
14 years ago
The first page of broker's latest Torotrak coverage
dated 16th March. This perhaps may explain in part at least Torotrak's remarkable share price rise which closed today (March 23rd) at 48.5p/50p, up from just over 20p at the end of Feb.
"Torotrak’s technology has been in development for over a decade: why now? We believe that an improved technology is now meeting regulation-driven customer demand, within a strategy that has focussed the group on those applications where benefits can outweigh inertia. We focus on the nearest-tomarket area in main drive transmissions, the commercial vehicle programmes with Allison and the European Truck/Bus Maker, and the consequences for cash, revenues/profits and value of success in this market. Allison’s end March decision is the largest short term value driver, but by no means the only basis for our buy stance and valuation of 42p/share, based on a probability-weighted set of models for each application/market segment.
• If not now, when? Although Torotrak’s technology has applications across a wide range of vehicles and beyond into other rotating machinery, we focus on two areas. Commercial vehicles applications are large, advanced, and driven by the regulatory and customer needs for cleaner, more fuel efficient and better performing transmissions. In energy efficiency (through flywheel energy storage, or supercharging/engine downsizing) regulations are now driving the first major impetus in fuel economy for three decades, and Torotrak’s programmes offer low cost and easily adopted routes to reductions in emissions/km.
• Avoiding the barriers to adoption: We examine the barriers to adoption that stymied the previous efforts in main drive passenger car transmissions, how the situation has changed, and which markets and products combine potential with lower barriers to entry. Efficiency, emissions and driveability make Torotrak's technology more immediately beneficial in trucks and buses than in passenger cars. Key customers have internal reasons for adopting the technology, such as a clear strategic interest by Allison to upgrade its planetary automatic transmissions. There are many precedents for technology from niches being adopted into the mainstream auto market (disc and anti-lock brakes, diesel engines, electronic fuel injection, and now KERS).
• Applications and Value: Versus the technology, this report focuses on applications for Torotrak: the financial potential, routes to market, and the current stage of development of each line. This allows us to map out the milestones and related changes to Torotrak’s value. Given the importance of the potential payments from Allison due in March 2011, we set out options for the company if it receives up to £14m (high case, valuation 49p) or no extension of the licence at all (low case, valuation 27p) as well as our central case of an extension and expansion of the licence, with two £3m plus payments in FY12 and FY13. However, the range of possibilities also includes renegotiation to focus on planned production."
Lhasa
14 years ago
One Wheel Forward, One Back for Tata's Pixel
From Automotive Engineering International Online
A city car concept for Europe, the Tata Pixel has a rear engine and a turning circle radius of 2.6 m, thanks mainly to the effects of its infinitely variable transmission, which can control each rear wheel independently, allowing rotation in opposing directions when parking.
Tata's rear-engine Pixel, shown in concept form at the 2011 Geneva Motor Show, was conceived as a city car for Europe. At just over 3 m (9.8 ft) long, it is based on the Nano and is claimed to be the most package-efficient four-seat (for adults) car in the world.
Carl-Peter Forster, Group CEO of Tata, said the company believes there is an opportunity for such a car in Europe, particularly one with exceptional maneuverability. That maneuverability comes from the use of a prototype toroidal traction-drive IVT (infinitely variable transmission) from Torotrak, which has been developed to assist rotation of the outer rear wheel forward and the inner rear wheel backward as the front wheels turn at acute angles. The resultant turning radius is a remarkably compact 2.6 m (8.5 ft).
The Pixel’s transmission comprises Torotrak’s traction-drive and epicyclic technology. When the car is driven normally, the transmission provides seamless ratio changes, said Torotrak Product Development Manager Rob Oliver. "But when parking and when very tight maneuvering is needed, its ability to control each rear wheel independently is used to enable rotation of those wheels in opposite directions," he said.
He added that by linking the vehicle’s steering system with the control mechanism for the IVT, the car could pivot about its rear axle. “Zero turn capability provides tremendous opportunities to deliver new technology solutions for urban drivers,” he said.
The Pixel’s maneuverability is complemented by very short overhangs, and scissors-action doors provide added accessibility in tight spaces.
Connectivity is also central to the Pixel’s design, with key functions controlled by the driver’s smart phone.
The concept has a 1.2-L three-cylinder turbocharged diesel engine with stop-start facility. The engine is fitted with variable coolant and oil pump operation plus rapid warmup technologies. Low rolling resistance tires are fitted.
Claimed economy figures include a European combined (NEDC) fuel consumption figure of 3.4 L/100 km and CO2 emissions of 89 g/km.
Torotrak is working closely with Tata. Torotrak's technology focus is on traction-drive systems, developing main-drive transmissions and variable-speed drives for flywheel-based hybrids. Its variable drive technology is also being developed for use in engine auxiliary systems including superchargers, turbochargers, and fan systems to help facilitate engine downsizing. Its core technology platform is a full-toroidal traction drive designed to deliver improved fuel economy and reduced emissions in parallel with high levels of performance.
Lhasa
16 years ago
The Latest Broker Report
Arbuthnot Report 25/11/08 (11/25/08 for any American readers)
Torotrak reported H109 results slightly ahead of expectations, with revenues of £0.9m, and PBT (loss) of £1.9m (£2.3m estimate), and EPS (loss) of 1.27p. We also note a cash balance of £9.7m. It is important to note that (as in 2008) we expect the revenues and earnings to be second-half weighted. The statement reads positively, and it is clear that progress continues to be made in a number of places. However, it is also clear that the make up of contributions continues to be different from our original expectations. In particular, we note that there has been a notably slower start at Infinitrak, linked to a significantly more challenging economic backdrop. However, the development of the work in the truck and bus segment is continuing at a faster rate than we had anticipated. In addition, the company has stated that it is working with an enlarged number of prospective customers, particularly relating to licensees and engineering development programmes. In light of this, we are making some changes to our earnings estimates at the revenue line to reflect the change in business mix. At the PBT level, however, we are making no material changes.
Outdoor Power Equipment (OPE, Infinitrak)
At Infinitrak, the company has now started manufacturing of the twin-toroidal transmissions (TTT) at the US manufacturing facility. However, the economic pressures have been mounting in the US, and this has noticeably impacted demand for tractor mowers (and their transmissions), especially at the premium end of the market. To this end, we have downgraded our volume assumptions to 20,000 units for the year 2010E. However, we note that Infinitrak has also become more involved in the development of a more general transmission, with broader market appeal, to spearhead its activities with external customers (i.e. outside MTD), and we would expect to see the market introduction of this in 2009.
Truck and Bus
In the truck and bus sector, Torotrak’s existing licence and engineering development programme with a leading OEM is progressing well, with noteworthy benefits by way of improved fuel efficiency and emissions. It is clear that the potential reach of the technology is greater than originally anticipated, and this agreement effectively demonstrates the scalability of the technology into the heavy-duty segment. This business unit should deliver short-and medium-term licence and engineering income, and future royalty income streams.
Off Highway
Two of Torotrak’s key licensees – Iseki and Carraro – are continuing their development work towards series production and market introduction, which we estimate will be in late 2010. There has also been some progress in the Fork Lift Truck (FLT) segment, with prototype transmission under internal evaluation in a customer vehicle. While the early feedback has been positive, in our model we assume no benefit from the FLT segment until 2010E, and we believe it would be prudent to assume no changes to this until the results of the prototype programme are clearer.
Automotive
In the Automotive sector, as part of a consortium (Jaguar, Ford, Prodrive, Ricardo, Flybrid), Torotrak has started work on its kinetic energy recovery system (KERS) for mainstream passenger cars. While there has been much development of the technology in the F1 arena, the timing of technology adoption into F1 remains somewhat uncertain. Although early days for this project, our earnings model currently assumes no benefit from this.
Torotrak is also working with Aisin AW on a number of development programmes for mainstream automotive. The focus has shifted over the last 12 months from the premium segment towards higher volume smaller car applications (benefiting from the development work with Infinitrak). We also note that the company has started work for a new small car transmission with another new Tier-1 supplier.
The work with Tata is continuing well. As we have commented in previous reports, the scope of the licence is beyond the entry-level vehicles, and now covers a significantly wider application of the technology across a broader product range. We expect the main revenue driver from this to be from engineering and licence fees in the medium term.
Earnings
The delay and slower start at Infinitrak, coupled with a more cautious outlook for OPE in the US against the difficult economic backdrop has led us to reduce our revenue estimates (although no changes at the earnings level). While we remain confident that the long-term prospects remain strong, essentially, the mix in earnings is changed, and we now assume a greater earnings contribution from engineering and licence fees. While our PBT estimates remain unchanged, we now assume revenues in 2010E of c.£4m (from £8.45m), and in 2011E of £11m (from £15.9m).
Lhasa
16 years ago
Chinese carmakers SAIC and Dongfeng have plans to acquire GM and Chrysler, China’s 21st Century Business Herald reports today. [A National Enquirer the paper is not. It is one of China's leading business newspapers, with a daily readership over three million.] The paper cites a senior official of China’s Ministry of Industry and Information Technology– the state regulator of China’s auto industry– who dropped the hint that “the auto manufacturing giants in China, such as Shanghai Automotive Industry Corporation (SAIC) and Dongfeng Motor Corporation, have the capability and intention to buy some assets of the two crisis-plagued American automakers.” These hints are very often followed with quick action in the Middle Kingdom. The hints were dropped just a few days after the same Chinese government gave its auto makers the go-ahead to invest abroad. And why would they do that?
A take-over of a large overseas auto maker would fit perfectly into China’s plans. As reported before, China has realized that its export chances are slim without unfettered access to foreign technology. The brand cachet of Chinese cars abroad is, shall we say, challenged. The Chinese could easily export Made-in-China VWs, Toyotas, Buicks. If their joint venture partner would let them. The solution: Buy the joint venture partner. Especially, when he’s in deep trouble.
At current market valuations (GM is worth less than Mattel) the Chinese government can afford to buy GM with petty cash. Even a hundred billion $ would barely dent China’s more than $2t in currency reserves. For nobody in the world would buying GM and (while they are at it) Chrysler make more sense than for the Chinese. Overlap? What overlap? They would gain instant access to the world’s markets with accepted brands, and proven technology.
21st Century Business Herald, obviously with input from higher-up, writes that Chinese industry must change and upgrade. China wants their factories to change from low-value-added manufacturing to technically innovative and financially-sound high-value-add industries. Says the paper: “It would be much easier now for strong Chinese automakers to go global by acquiring some assets of their U.S. counterparts in times of crisis.”
Deloitte & Touche sees a trend: “Chinese automakers can start with buying out the OEM projects and Chinese ventures of some global carmakers such as GM and Chrysler.”
The Chinese appear to have bigger plans than an accounting firm can imagine. 21st Century Business Herald acts and writes as if its already a done deal, and the beginning of more to come. “In the coming two years China is likely to see a few of its large Chinese automakers and other manufacturing enterprises set a precedent for achieving globalization by acquiring global companies, just like SAIC or Dongfeng’s possible acquisition of troubled GM or Chrysler.”
Just in case you missed it, the Shanghai Automotive Industry Corporation (SAIC) is China’s largest auto manufacturer. In 1984, the company entered a joint venture with Volkswagen. A decade later, SAIC entered a joint venture with General Motors. In 2007, SAIC bought the Nanjing Automobile Corporation, which had acquired British MG Rover in 2005.
Dongfeng Motor Corporation is a public company, although 70 percent of their shares are reported to be in government hands. They also are one of China’s Big Three. The company has numerous joint venture partners, such as Nissan, Peugeot-Citroen, Honda, and Kia. Dongfeng (which means “East Wind”) was founded at the behest of Mao Zedong himself in 1968.
Lhasa
16 years ago
Torotrak Interims out today
Full report at http://www.investegate.co.uk/Article.aspx?id=200811250700118365I
My overall assessment is that the Interims are as good as we could have hoped.
Financial highlights:
*
£9.7m cash resources, with no debt, at 30 September 2008 (2007: £8.7m) provide a solid foundation of financial capital to underpin commercialisation
*
Growth in revenues to £0.9m (2007: £0.5m) from increased levels of engineering activity with key customers
*
Strong weighting of revenues expected in the second half from existing and potential new licensees
*
Losses reduced to £1.9m (2007: £2.4m) in line with expectations
My own chosen excerpts from the report:-
Outdoor power equipment
Infinitrak's continuing investment in new technology has been unaffected by the difficult near term trading outlook. A second transmission is now in development, which is a simpler, lower cost unit than the TTT with broad market appeal. This will make it an easier proposition to launch into current market conditions. The first vehicles equipped with prototypes of this transmission demonstrate strong advantages over competing products.
Truck and bus
The extent and reach of our technology for commercial vehicle applications is proving to be greater than originally envisaged when we began to target this market. Torotrak's technology is increasingly being seen as potentially transformational for commercial vehicle applications as it offers fuel consumption and emissions benefits as well as providing high levels of refinement and sophistication in the driving experience. Furthermore, the detailed design work being carried out for our first customer in this field continues to support the view that transmissions featuring Torotrak technology provide a strong cost advantage compared to the automatic gearboxes that are currently available in this market.
The potential for Torotrak's technology in the truck and bus market is considerable and represents a significant opportunity to deliver short to medium term licence and engineering income and, most importantly, future royalty income streams.
Off-highway
Our active licensees in the agriculture sector, Carraro and Iseki, both continue to make progress with their respective plans towards market introduction. We are also working with an emerging-economy customer, new to Torotrak, that is keen to engage in a development programme in this sector.
Our first programme in the material handling sector, a prototype fork lift truck transmission, has been successfully commissioned in the customer's vehicle and delivered to the client, a leading manufacturer in the global materials handling equipment market. This customer has been pleased with the performance of Torotrak's technology which has provided a highly competitive driving feel together with excellent levels of control. Within the scope of this first programme we have been able to demonstrate a range of innovative capabilities and features of the technology which reinforces its appeal. The client is about to commence their programme of internal evaluation and testing, which will determine the next stage of our commercial engagement with them.
Automotive
As previously reported, much of our focus in the small car market has been with Aisin AW, with whom we continue to work closely. Additionally, we have now commenced a feasibility study for a new small car transmission with another tier 1 automotive transmission and components manufacturer, that is a new client for Torotrak.
Tata has now selected its first target application of Torotrak's technology and we are currently helping their engineers with the early stages of specifying and configuring this application, in preparation for commencing detailed design and prototype implementation.
Lhasa
Lhasa
16 years ago
Recent article about KERS, F1 and Torotrak
http://www.greencar.com/features/flywheel-batteries-to-power-f1/
Regenerative braking is an integral part of every hybrid electric vehicle. Here, deceleration and braking energy is converted to electrical energy to keep batteries charged. Hydraulic hybrid trucks and buses recoup energy by pressurizing a hydraulic fluid that’s stored in an accumulator, and then use this energy when extra power is needed. There is third type of regenerative braking where recouped energy is stored in a flywheel revved up at high rpms.
This third type of storage, called a Kinetic Energy Recovery System (KERS), will be used starting in the 2009 Formula 1 racing season. The FIA (Fédération Internationale de l'Automobile) will phase in KERS over the next four years to allow, with other changes, reducing engine size and output to make F1 competition more environmentally friendly.
While KERS can only store a limited amount of energy, the system is compact and quite lightweight. KERS is especially effective in applications with lots of acceleration and deceleration, which is the case with F1 racers as they go from corner to corner. The energy stored in a lightweight steel and composite flywheel spinning at over 60,000 rpm can be used to accelerate the vehicle. The FIA defined the amount of energy recovery for the 2009 season as 400 kiloJoules per lap, providing an extra 80 horsepower over a period of 6.67 seconds. Its low weight, about 55 pounds, is also very important in motorsports.
Flybrid Systems in Britain supplies the KERS that uses continuously variable transmission (CVT) technology obtained through its partnership with Torotrak Plc and Xtrac Ltd. Xtrac uses Torotrak’s full-toroidal traction drive technology developed for KERS use in motorsports. Drivers use a power boost button on the steering wheel when they want to use the stored energy for a quick power boost.
A flywheel system offers up to twice the efficiency of a battery storage system. The overall in-out efficiency of 65 to 70 percent compares to 35 to 45 percent for a hybrid battery-electric system. That is because it’s an entirely mechanical system. In a battery system, kinetic energy has to be converted back and forth to electrical and chemical energy, thus the efficiency losses.
While introduced in F1 racing, KERS could be used in other motorsports venues and ultimately in road cars. For example, the British government is funding the Flywheel Hybrid System for Premium Vehicles project as one of 16 innovative low carbon vehicle development projects. Jaguar Cars will lead a consortium made up of Flybrid Systems, Ford Motor Co. Ltd, Prodrive, Ricardo UK Ltd, Torotrak Plc, and Xtrac Ltd. The project will demonstrate the technology in an existing vehicle platform to prove its effectiveness and viability for production use in a premium passenger vehicle as an alternative to other hybrid systems.
Not all F1 teams are using a flywheel based KERS. The BMW Sauber F1 Team is developing an electric KERS brake energy regeneration and storage system that uses a combination electric motor/generator, power electronics, and lithium-ion batteries for energy storage. Unlike the regenerative braking used in most hybrid electric vehicles including several BMW hybrids, the BMW KERS has a much greater power density to meet the needs of racing. Weighing less than 88 pounds, it can provide 60 kilowatts (80-horsepower) of output over about 6.5 seconds of acceleration. BMW says this technology will flow into production car development in the future.
Lhasa
16 years ago
Interim Management Statement
(This statement was issued by Torotrak to coincide with the company's AGM which commenced at 12 noon London time today, July 24)
RNS Number : 7927Z
Torotrak PLC
24 July 2008
Torotrak PLC
('Torotrak' or 'the Company')
Annual General Meeting and
Interim Management Statement for the first quarter ended 30 June 2008
Torotrak Plc today publishes its interim management statement describing progress made in the first quarter of the financial year ending 31 March 2009. This also includes the statement to be delivered at Torotrak's Annual General Meeting which takes place today.
Since reporting results for the financial year ended 31 March 2008 to shareholders on 20 May 2008, Torotrak's trading has been in line with market expectations. We have a high level of committed orders and are pursuing a number of business development prospects helped by the momentum gained through the significant agreements and contracts concluded during the last financial year.
Engineering development projects
We have started our new year with a strong engineering order book, working on development projects in each of our four target markets of Outdoor Power Equipment ('OPE'), Off Highway, Truck and Bus and Automotive. Our fee earning engineering services are running at more than double the average levels achieved during the year to 31 March 2008.
Start of production of OPE transmissions
Infinitrak has commenced production and sales of Twin Toroidal Transmissions (TTTs), as previously reported, with transmissions now installed in approximately 100 of our joint venture partner MTD's vehicles. These are being sold through MTD's selected dealers in the US. More than 300 transmissions have also been built to satisfy the first order from Infinitrak's new third party UK customer, Advanced Turf Technology (ATT). ATT has ambitious plans for their professional mowers based on the significant advantages offered by Torotrak's IVT technology.
Orders from MTD for further TTTs will be fulfilled in the second half of the current financial year with volumes depending upon MTD's own market forecasts and requirements. As previously commented, this is likely to be affected by the very difficult US trading conditions in consumer markets. We will update Investors in November when we announce our Interim Results. This year's objectives are to develop TTTs for introduction into further MTD products and for TTT to be positioned as MTD's transmission of choice for selected models in 2009. As we have previously reported, Infinitrak's plan is to achieve a robust and high quality market introduction this year with initial volumes at a modest level leading to a significant increase thereafter. We will also continue to progress third party sales opportunities.
We are making good progress on the development of Infinitrak's second, lower cost transmission, which is demonstrating good cost competitiveness and has benefitted from the development work undertaken to date on the TTT.
Licensing and business development
Income from licensing activity this year is likely to be weighted towards the second half of the year, with two thirds of our planned licensing income for the current financial year already covered by secured orders. Business development activity to acquire new licensees continues at high levels, stimulated by the considerable interest generated by the market launch of Infinitrak's first transmission and by the substantial licence agreements secured in our last financial year.
Profile and strategy
Our participation as part of the consortium that includes Jaguar, Flybrid, Xtrac, Ford, Prodrive and Ricardo is an example of the opportunities that are open to us to exploit the need for energy conservation arising from increased fuel prices and climate change. This high profile UK project, to pursue a flywheel hybrid solution in the automotive sector, has attracted considerable industry interest and positions Torotrak amongst a select group of well respected companies at the forefront of such opportunities.
Our work with Tata Motors and with the currently undisclosed European Truck & Bus Manufacturer, also places us at the leading edge of development with customers that have the appetite to invest and innovate. These key activities are progressing to plan and are complemented by activities elsewhere including fork lift truck applications and continued development in our automotive and agriculture sectors.
We continue to see growth in our base of earnings from engineering, licensing and through the start of sales from Infinitrak. Our strategy is to grow earnings through the point of break even whilst also securing further development agreements, and growing joint venture income, and hence accessing new customers across diversified markets. Our customers see, as we do, the opportunity to build significant medium to long term future value.
-ends-
About Torotrak
Torotrak is the world leader in full-toroidal traction-drive transmission technology, focused on the development of IVT (Infinitely Variable Transmission) and TCVT (Toroidal Continuously Variable Transmission) systems which deliver outstanding levels of performance, functionality and commercial advantage in automotive, truck, bus, outdoor power equipment, agricultural and off-highway applications.
For further information, please visit www.torotrak.com or contact:
Dick Elsy, Chief Executive
Jeremy Deering, Fianance Director
Simon Hudson
Lulu Bridges
Torotrak Plc
Tavistock Communications
Tel: +44 1772 900938
Tel: +44 20 7920 3150 or +44 7966 477256
Lhasa
16 years ago
Now the CEO's Review
Chief Executive's Review
Introduction
The value of a technology business, such as Torotrak, is principally determined by the quality of its intellectual property (IP) and engineering capability but also depends upon its ability to convert its know-how and application skills into robust and commercially attractive propositions. In this context, the start of production and sales of our first products at Infinitrak, our JV business in the USA, for use in a highly cost-competitive market, is a major achievement for the Torotrak team and demonstrates that our technology is capable of series production and of delivering strong competitive advantage.
This first production also validates the broad reach of our technology into multiple markets and demonstrates that our diversification strategy is delivering results. The increased strength of our portfolio is reflected in the high quality of our client and licensee base which continues to grow as potential customers, as well as existing clients, draw confidence from this ultimate proof of the commercial viability of our technology.
Our strategy to diversify our markets compensates for inevitable shifts in market outlook, most of which are outside of Torotrak's direct control. The highly significant £7m licence and engineering services deal in our new market of truck and bus is an example of this. With our major new customer in this market, we have secured both short and medium-term contribution, although the ultimate prize is the potential for longer term value from royalty fees from high value transmissions. Contribution from this and from anticipated new business in other markets including fork lift trucks will help offset delays that may occur in other areas.
Market and Sector Review
Outdoor Power Equipment (OPE)
Torotrak's entry to this market is through Infinitrak which has been established to design, develop and manufacture transmissions for the OPE market. MTD, our JV partner and lead customer, enjoys a substantial share of the OPE market and has the capacity to take significant quantities of Infinitrak's transmissions, over a period of time, as the Infinitrak transmissions are adapted for use in more of the MTD product range.
Infinitrak has developed Torotrak's technology and the manufacturing process to produce toroidal transmissions which compete effectively on cost and performance against hydrostatic drives, the incumbent technology in the market. We reported in our Interim Management Statement in February that final testing and validation of Infinitrak's first unit, the Twin Toroidal Transmission (TTT), had highlighted a small number of production conformity issues which we expected to have resolved around the end of our financial year. We are pleased to report that our development and validation process has been successfully concluded and that, as a consequence, series production and sales of transmissions commenced in April 2008, representing an important milestone for Torotrak and Infinitrak. In this first series production run 500 transmissions will be built and will be incorporated into MTD's Cub Cadet range as an end of season introduction and will also satisfy Infinitrak's first order from a previously undisclosed third party customer.
This first external customer for Infinitrak is the UK based Advanced Turf Technology (ATT), which is a developer of highly specified, specialist mowers for use on golf courses. ATT has developed its new 'Infinicut' range of commercial grade mowers using Infinitrak's TTT. We are delighted that Infinitrak is supplying this new client in such a demanding application and, although the initial order is modest (around 300 units), we expect to build on this as ATT's requirements become clearer and as it builds market share in this sector.
It is clearly encouraging that our work at Infinitrak has overcome the previously reported barriers to manufacturing implementation and has also secured the first external customer for the JV business. However, we recognise that the time to start production has taken longer than originally anticipated and that the ramp-up of series production will be more gradual than assumed in Infinitrak's original plan. With the 2008 build season for mowers drawing to a close at MTD, we expect to recommence series production in the fourth calendar quarter of 2008 when transmissions will begin to be built for incorporation in mowers for sale in 2009. At this stage it is difficult to predict MTD's order requirement due to an overall softening of consumer demand for OPE equipment resulting from the well publicised recent credit 'squeeze'. As a consequence, we expect the first year's production volumes to be significantly reduced compared to the initial JV plan representing about a year's delay, but the longer-term market potential remains as strong as we first thought, and the prospects for success have improved markedly as a result of progress during the year.
This positive outlook is illustrated by MTD's appetite to progress with our joint plans for a second, lower cost Infinitrak transmission, which is expected to be competitive in a high volume area of the OPE market. This new unit, now in the design and early prototyping phase, has benefited substantially from the experience gained in the TTT development programme. Subject to MTD's product plans, Infinitrak expects to introduce this transmission during the 2009 calendar year.
Truck and Bus
This year we secured one of most important deals in Torotrak's history, entering into licence and engineering development agreements with a major European truck and bus manufacturer. Whilst the initial financial value of these agreements is significant, we are also delighted to be carrying out a substantial development programme with this client, one of the world's finest commercial vehicle manufacturers who brings significant potential for future volume sales and royalties. Although lead times in this sector are long, the impact of this deal for Torotrak is immediate. The major engineering programme is already underway and will continue to form a substantial part of our forward engineering services order book for several years.
The combined value of the licence and engineering development agreements is in excess of £7m over the next three to four years. This deal has been transformational for Torotrak as it:
Recognises the value of our technology in the form of a significant financial commitment from a respected industry player following two years of joint work and due diligence;
Illustrates the scalability of Torotrak's technology (from application in mowers through to heavy trucks and buses);
Provides a new route to market with Torotrak's technology being incorporated in a high value transmission;
Combines Torotrak's engineering resources with those of a recognised world leading commercial vehicle manufacturer to develop our technology for heavy-duty application.
Off Highway
Tractors
The market for small to medium-sized tractors has continued to be Torotrak's bridgehead into the wider agricultural market. This area is a strategic focus for us because the cost and performance benefits of our technology enable variable ratio transmissions to be offered in a sector of the market where existing technologies cannot currently be afforded.
The market potential for Torotrak's technology in small to medium tractors remains very strong. In back-to-back tests with vehicles drawn from our clients and their competitors, our technology clearly outclasses current powershift transmissions (the sector norm for premium transmissions) and even demonstrates superior driving characteristics when compared to the best of hydrostatic drives - the benchmark technology for larger, more sophisticated tractors.
We have used these advantages to good effect to build our profile in the agriculture sector. We have made good progress, for example, in rapidly growing economies such as India where the potential for new technology, offering the benefits of variable drive but at affordable levels, has been welcomed. We have also been very active with in-market demonstration of our two in-house tractors which are configured to demonstrate the full capability of our technology and the benefits it can provide for these markets.
We currently have three licensees in the off highway tractor market. Iseki and Carraro are actively progressing with the development of our technology in their respective transmissions. Both continue to demonstrate their commitment to series production, with each of them having prototype vehicles undertaking test and development work in preparation for market introduction.
The third licensee, Uzel, was initially a key part of our planned market introduction in small to medium tractor transmissions. However, as has become public knowledge, the Uzel group (based in Istanbul in Turkey and with major trading operations formerly quoted and managed out of the Netherlands) is experiencing financial difficulty. The general consensus amongst other companies trading with Uzel is that the underlying business remains strong and we are hopeful that a restructuring or re-financing of Uzel will be found and that they will be able to recommence their projects with us. Although this is a timing setback for us in the off highway market, it neither diminishes the value of our technology in this sector nor prevents us from proceeding with a revitalised Uzel.
Working in close co-operation with our customers and prospects in this market has enriched our knowledge of the industry needs and, as a result, during the year we have been able to better target the development of specific features and general capability of our technology in this sector. With this additional knowledge and confidence in our competitive advantages, we are seeking to develop this sector further in the year ahead and we continue to prospect for new clients, including potential JV partners, as we seek to have more control over the route to production in this market.
Fork lift trucks
We have made very promising progress within this new sector in the last year though our programme of work with a world-leading fork lift truck (FLT) manufacturer. This is an important strategic sector for our IVT technology which is a near-ideal fit with the requirements of a fork lift truck transmission, being capable of providing exceptional driveability, very smooth shuttling (rapid forward to reverse shifting) and precise low speed control - the key attributes sought by premium FLT manufacturers.
We now have a prototype transmission under internal evaluation in our lead customer's vehicle. We are due to deliver this initial prototype back to the customer shortly to enable them to carry out their own trials of this Infinitely Variable Transmission (IVT) equipped vehicle. This customer is keen to look at technologies which can provide cost-effective alternatives to the mainstream-sector norm of torque convertor powershift transmissions and the premium-sector hydrostatic drive. Early evaluation of our first prototype has confirmed that our IVT provides the competitive advantages as described above, and that it also delivers fuel economy benefits which are of value in the current and future FLT market.
The commercial case for our technology in this sector appears to be strong, with the cost of a transmission expected to be in the range between a powershift and a hydrostatic drive. This is a promising new market for Torotrak where we have clear competitive advantages and where we are working with a customer with a very strong market position.
Automotive
Main drive transmissions
Torotrak's principal activities in the market for main drive automotive transmissions are with the major Japanese tier-1 manufacturer, Aisin AW (Aisin), with whom we continue to work on engineering development programmes. As a market, automotive remains highly valuable, but our path to success requires a strong degree of cost competitiveness. In this respect, our credentials are now supported equally from progress in our other markets, such as low cost OPE, as much as from the original Torotrak foundations in premium car IVT.
Aisin has shown longstanding support for Torotrak's technology. Until recently, this has been focused primarily on premium automotive applications. The last 12 months, however, has seen a number of changes and developments in the automotive market. With growing pressures for fuel economy improvement and greenhouse gas emission reductions, there has been a shift of emphasis in interest in our technology towards higher volume, smaller car applications. As reported in November, Aisin has asked us to conduct a design study to apply our technology to mainstream small and medium-sized cars and this initial study has now commenced. We are delighted that Aisin's appetite for developing our technology is now also directed towards smaller cars, a strategic target area for Torotrak and a prime focus in emerging economies.
This new work on small car applications is in addition to continuing prototype test and development work on the Epicycloidal Roller Control (ERC) configuration that we are completing for Aisin on a consultancy basis. Work on this ERC module, which we regard as a technology suited primarily to large car and sports utility vehicle (SUV) transmissions, is now being handled by Aisin on an independent basis as a result of their target customer deciding not to commit to a prototype development programme for a larger car IVT. ERC's success in large car and SUV applications therefore remains speculative, but we continue to invest in business and technical development for the premium car main drive transmission market with the support of Aisin.
Emerging economies
The Indian government's approval of the Tata Motors licence agreement at the end of March 2008, as envisaged in our February Interim Management Statement, has opened the way for starting technology transfer to Tata's engineers. This process, where Torotrak provides training for the client in our technology and know-how, is taking place both in the UK and in India. We are very excited to be starting our relationship with this ambitious, far-sighted and high-profile company at a time when its reach is growing substantially.
Tata is licensed to use Torotrak's technology across a broad range of their products from small cars to full sized trucks and construction equipment. The nature of the first application to a Tata product is yet to be determined but their selection process is underway. Once Tata decides on its first application, which is likely to be client confidential, we expect to provide engineering and technical support to the company's engineers as they progress through the full prototype and production process.
New technology - mechanical hybrids
This emerging area of the automotive market has generated considerable awareness of, and enthusiasm for, Torotrak's technology. Our traction drive technology is a key element in a mechanical KERS system where our transmission connects the vehicle's drivetrain to a flywheel energy storage device.
Our work with our licensee Xtrac and with flywheel system provider Flybrid Systems has facilitated the development of a mechanical hybrid system for automotive application. The initial market for this technology is the motorsport industry where Xtrac enjoys a prominent reputation as a specialist driveline and component manufacturer. In the working arrangement, Flybrid Systems provides the flywheel technology and overall system integration and Xtrac supplies variable drive CVTs based on Torotrak's technology. A number of these transmission units have already been supplied for test and development purposes to two Formula 1 teams for which Torotrak has received license fees and royalty payments. Whilst all Formula 1 teams work in secrecy, it is clear that several different types of system are being evaluated for the 2009 season when a change in the sport's regulations allows hybrids to be introduced for the first time.
At the time of reporting, the intentions of the two Formula 1 teams working with our technology cannot be confirmed although we know from test results that the system delivers the performance that we anticipated. Whilst future applications in Formula 1 remain speculative, we have already benefited from significant commercial exposure through our affiliation with the sport and from the high level of technical expertise surrounding this industry. The 'profile' that we have secured has already opened doors in other areas of motorsport which we are pursuing jointly with Xtrac and Flybrid Systems.
The strategic, long term value of this sector to Torotrak remains speculative but it is an important area for us to target. The benefits of this mechanical hybrid system, including low-weight, compact size and high efficiency, are already recognised by the mainstream car industry to the extent that we are discussing potential applications with a number of target clients.
Our investment to date has been rewarded with our inclusion in a project being funded by the TSB with Jaguar Cars as the project leader and potential end customer. The consortium will design and develop the mechanical hybrid kinetic energy recovery system for use in a premium segment passenger car; the mechanical system is viewed as a power-dense and cost competitive alternative to other hybrid types. Torotrak's involvement in the project will include granting the other consortium members (Flybrid Systems LLP, Ford Motor Company Ltd, Prodrive, Ricardo UK Ltd and Xtrac Ltd) access to the Company's IP and know-how for the purpose of carrying out the project. In addition, we will support the project with analysis and design expertise relating to our variable drive technology which is central to the function and performance of the proposed system.
Lhasa
16 years ago
£90m Gov Investment - TRK-Flybrid inc
--------------------------
Technology Strategy Board (National)
Thursday 8 May 2008 13:02
Flywheel Hybrid System for Premium Vehicles
Project Abstract
Design and development of a mechanical hybrid (flywheel and variable drive system), kinetic energy recovery system for use in a premium segment passenger vehicle as an alternative, cost competitive solution to other hybrid systems. The project will demonstrate this within an existing vehicle platform to prove its effectiveness and viability for production and suitability for modular application
Lead Organisation
Jaguar Cars Limited
Consortium members
Flybrid Systems, Ford Motor Company Limited, Prodrive, Ricardo UK Ltd, Torotrak plc, Xtrac Ltd.
----------------------------------
Plus various other projects that Torotrak may have some involvement with :
Thursday 8 May 2008 13:02
Technology Strategy Board (National)
Low Carbon Vehicle development to receive major boost with £90 million new Government investment
- 16 innovative development projects, worth over £52 million, to receive £23 million government investment through the Low Carbon Vehicles Innovation Platform.
- Low Carbon Vehicles Integrated Delivery Programme to be developed, speeding up the introduction of low carbon vehicle technology, with further £70 million government investment.
New low carbon vehicles could be on Britain's roads within 5 to 7 years following the decision, announced today, to invest £23 million of Government funding in sixteen innovative new projects. The investment, which is being made available by the Technology Strategy Board and the Department for Transport through the Low Carbon Vehicles Innovation Platform, will assist companies to take forward research, development and demonstration projects in the UK. Including investments by the companies involved, the total value of the development projects will be £52 million.
And, in a related development, the Technology Strategy Board today announced its intention to launch in the Autumn 2008 a Low Carbon Vehicles Integrated Delivery Programme - stimulated by a further £70 million of government investment. This programme will co-ordinate low carbon vehicle activity from initial research through to future procurement opportunities, speeding up the time it takes to get low carbon vehicle technologies into the market place.
The sixteen new research, development and demonstration projects represent the first investment by the Low Carbon Vehicles Innovation Platform since it was established in the autumn of 2007, and follows an open competition launched in September. The key objectives of the platform are to:
- accelerate the market introduction of low carbon road transport vehicles over what would be achieved by global market forces alone, and
- maximise the benefit to UK business of that accelerated market penetration.
The projects to receive funding will be lead by a wide range of organisations from major manufacturers through to small and medium sized companies and University spin-outs. The research and development will cover technologies such as lightweighting, ICE (Internal Combustion Engine) developments, Fuel Cells, Energy Storage and Aerodynamics.
The aim of the Low Carbon Vehicles Integrated Delivery Programme is to fully map the UK's technological capability in the area and, using the full range of Technology Strategy Board interventions, make the business connections needed to develop an automotive sector capable of delivering the required low carbon products and services required within the medium to long term.
The Technology Strategy Board will manage the programme through its Low Carbon Vehicles Innovation Platform. The Department for Transport, the Engineering and Physical Sciences Research Council (EPSRC) and Advantage West Midlands have agreed to invest in the programme, while further support will be sought from other Regional Development Authorities and the Devolved Assemblies.
The Low Carbon Vehicles Integrated Delivery Programme is being developed in close partnership with UK-based companies and academic institutions, and it is strongly anticipated that the Government's £70 million investment in the Programme will be matched by funding from industry.
Supporting today's announcements, Science and Innovation Minister Ian Pearson said: "These investments will provide a great opportunity for British companies to mobilise innovation to respond to global climate change challenges and to meet demanding new CO2 standards for new vehicles. They will also help position British companies to benefit from the growing domestic and international demand for lower carbon vehicles."
Transport Minister Jim Fitzpatrick said: "Developing cleaner and more efficient vehicles is vitally important in our efforts to combat climate change. Road transport contributes heavily to the UK's total emissions, which is why we are investing in low-carbon technology through the Low Carbon Vehicles Innovation Platform. I hope that this will stimulate further growth in the market and that low carbon vehicles will soon be a common sight on our roads, so that we can continue to push forward reductions in carbon emissions"
"The EPSRC support will provide the activities of the Integrated Delivery Programme with a base of high quality, relevant research", said Catherine Coates, the EPSRC Director of Business Innovation. "Working in partnership with the other funders will ensure a spectrum of government funding for innovation activities within the Integrated Delivery Programme"
Notes to Editors
1. The Low Carbon Vehicles Innovation Platform was launched by the Technology Strategy Board in 2007 with the aim of accelerating the market introduction of low carbon road vehicles and maximising the benefit to UK business, thereby responding to the societal and business challenge posed by the need to reduce transport CO2 emissions. It brings together and enhances Government support mechanisms for technology development within the wider market transformation context of the Low Carbon Transport Innovation Strategy.
2. Please see Annex A for further details of the sixteen new research and development projects to be funded by the Low Carbon Vehicles Innovation Platform.
3. The Low Carbon Vehicles Integrated Delivery Programme is jointly supported by the Technology Strategy Board, Department for Transport and EPSRC. It will provide greater co-ordination of activities from University research to future potential procurement opportunities, speeding up the time it takes to get low carbon vehicle technologies into the market place. Complementary funding to enhance the scope of the demonstration activity is under discussion with Regional Development Agencies & Devolved Administrations with Advantage West Midland's board having already agreed in principle to invest in this initiative dependent on the regional economic benefits. With matching funding from industry, it is anticipated that the Programme's budget for its first 5 years will be in the region of £140 million.
4. The Technology Strategy Board is a business-led executive non-departmental public body, established by the government. Its mission is to promote and support research into, and development and exploitation of, technology and innovation for the benefit of UK business, in order to increase economic growth and improve the quality of life. It is sponsored by the Department for Innovation, Universities and Skills (DIUS). For further information please visit http://www.innovateuk.org.
5. Thirteen projects are listed at the annex attached with this release. These represent projects confirmed at the time of going to press. A further 3 projects will confirm shortly.
Issued by
Technology Strategy Board
Block B, North Star House
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Switch: +44 (0)1793 442700
e-mail: nick.sheppard@tsb.gov.uk
Annex to press release - Project Details
Axon 60 : A structural carbon fibre car with plug-in hybrid option
Project Abstract
Unique vehicle structures technology will be productionised for the first time. The Axon 60 is a vehicle for the very low CO2/km fleets of the future delivering 100+ mpg whilst meeting EU vehicle legislation. It is light weight (less than 500kg), low drag and is powered by a best practice 500cc engine and Infinitely Variable Transmission (IVT). The vehicle structure will use a globally patented structural carbon beam technology. A plug-in hybrid system will be used to explore the bounds of PHEV in light vehicle applications
Lead Organisation Axon Automotive
Consortium members University of Warwick, Powertrain Technologies Ltd, Scott Bader Company Limited
Hybrid Electric Technology for Transit Buses
Project Abstract
Accelerated UK market entry of Hybrid Electric Drive (HED) technology by building and developing a UK capability and supply chain. This will accelerate the production of a UK HED transit bus application and rapidly develop a UK centre of excellence for HED application engineering in UK.
Lead Organisation
BAE Systems
Consortium members
Alexander Dennis Ltd, University College London
Li-ion Batteries for Plug-In HEVs
Project Abstract
The development and demonstration of a high efficiency, low cost, and ultra-safe Li-ion cell for Hybrid Electric Vehicles (HEVs) & Plug-In Hybrid Electric Vehicles (PHEVs). The project aims to improve the energy density of the low cost, very safe titanate/manganate Li-ion system by incrementally increasing the capacity of the active electrode materials whilst preserving their other characteristics.
1.1 Lead Organisation
FiFe Batteries Limited
Consortium members
ABSL Power Solutions Limited
Engine optimisation for reduced parasitic losses
Project Abstract
The project will investigate the application of various new technologies which seek to lower the losses due to internal friction of the engine plus other engine and gearbox related parasitic losses. The aim is to demonstrate an overall fuel economy improvement and thus CO2 reduction of between 5 and 10% on the European drive cycle.
Lead Organisation
Ford Motor Company Ltd
Consortium members
MAHLE Powertrain Ltd, BP
Commercial vehicle fuel & carbon reduction by the use of 'aerospace aero' devices.
Project Abstract
Provide a device fitted to commercial vehicles to significantly reduce fuel consumption and consequently carbon dioxide pollution. The intention is for the device to build on current systems and technology and move this forward into a new dimension that further utilizes developments from the aeronautical industries.
Lead Organisation
Hatcher Components Limited
Consortium members
Mercedes Benz UK Ltd, Cranfield University
Zero Emission London Taxi Commercialisation
Project Abstract
Iinitiate and accelerate introduction of commercial fleets of zero emission fuel cell hybrid taxis primarily for London, by 2012 and for other cities, by 2014. The project will develop and integrate robust, high efficiency, Proton Exchange Membrane (PEM) fuel cell hybrid powertrains into LTI TX4 taxis. The arduous duty cycle of the London taxi will be utilised to provide a platform for accelerated fuel cell vehicle lifecycle testing
Lead Organisation
Intelligent Energy
Consortium members
Lotus Cars Ltd, LTI Ltd, TRW Conekt
Flywheel Hybrid System for Premium Vehicles
Project Abstract
Design and development of a mechanical hybrid (flywheel and variable drive system), kinetic energy recovery system for use in a premium segment passenger vehicle as an alternative, cost competitive solution to other hybrid systems. The project will demonstrate this within an existing vehicle platform to prove its effectiveness and viability for production and suitability for modular application
Lead Organisation
Jaguar Cars Limited
Consortium members
Flybrid Systems, Ford Motor Company Limited, Prodrive, Ricardo UK Ltd, Torotrak plc, Xtrac Ltd.
Limo-Green
Project Abstract
The Jaguar executive saloons have class leading lightweight aluminium body structures. The objective is to use these vehicles as a basis for proving out the concept of a large luxury vehicle with an advanced hybrid electric driveline, consisting of an advanced drive motor, small battery pack and a small auxilliary power generator for sustained cruising. The project aim is to demonstrate a vehicle with sub 120gm/km whilst maintaining the "premiumness" of the vehicle.
Lead Organisation
Jaguar Cars Ltd
Consortium members
MIRA Ltd, Lotus Engineering, Caparo Vehicle Technologies
Lower Cost, Light Weight Vehicles by Increasing the Use of Post Consumer Aluminium Scrap
Project Abstract
Demonstrate the feasibility of manufacture within five years of a mass producible lightweight car based on a body in white (BIW) structure built using sustainable aluminium sheet derived in part from low cost energy efficient recycled post consumer scrap. This will be a key enabler for the mass production in the UK of low CO2/km premium cars. The sheet manufacture will be based on world leading continuous casting technology and melt conditioning technology using high performance, low cost sheet cast from melts containing up to 75% of recycled
Lead Organisation
JLR
Consortium members
Novelis Inc, Zyomax, Norton Aluminium, Innoval Technology, Brunel University, Stadco Ltd
Range Extended Electric Vehicle REHEV
Project Abstract
Develop a modular electric & electric/diesel powertrain, suitable for several different vehicle types. This will be tested on a large premium sport utility platform delivering 120 to 130 g/km and zero emissions range of at least 12 miles. The project will also investigate range extension and plug-in charging and installation/ commissioning of local recharging facilities for vehicle trials within the EON fleet
Lead Organisation
Land Rover
Consortium members
Amberjac Projects Ltd, Ricardo UK Ltd, E.ON UK PLC
High torque density electric drive for commercial vehicles (HiTED)
Project Abstract
A highly novel brushless permanent magnet electrical machine incorporating integral magnetic gearing to be developed for traction use with hybrid trucks, buses and construction vehicles. The recently invented pseudo-direct-drive (PDD) has the highest torque density of any known electrical machine and has improved energy efficiency, requires only natural air cooling, and is more compact with low manufacturing cost. The project will provide and evaluate two demonstrators.
Lead Organisation
Magnomatics Limited
Consortium members
Kollmorgen Corporation, Magnet Applications Ltd, Volvo Group
2/4CAR 2/4-Stroke Switching Carbon Reduction Vehicle
Project Abstract
The project will deliver a global premium vehicle demonstrating a 25 - 30% reduction in carbon dioxide emissions with no loss of performance using an innovative, highly-downsized gasoline engine with two-stroke/four-stroke switching technology. Laboratory work has shown that torque output more typical of an engine of twice the capacity is achievable. The engine design incorporates a cycle-switching valvetrain, an advanced boosting and control system, and will demonstrate powertrain integration and driveable control strategies.
Lead Organisation
Ricardo UK Ltd
Consortium members
University of Brighton, DENSO Sales UK Ltd, Jaguar Cars Ltd
DESERVE, Develop high Energy battery + high power Supercaps for all Electric Range
Project Abstract
Integrate, within a 3.5t electric delivery van, the two leading, available electrical energy storage technologies - high energy (Zebra battery) and high power (supercapacitors). The project will look to maximise the respective energy and power capabilities of the two systems. A power electronic interface controller to optimise the performance of the combined storage system will also be developed. The project will also integrate the storage system within the vehicle and optimise vehicle performance
The targets being range 250 km, top speed 100 km/h, acceleration to 80 km/h in 18 sec.
Lead Organisation
Tanfield Group plc
1.2 Consortium members
Beta Research and Development Ltd, The University of Manchester, ENERGY TECHNOLOGY SERVICES
NOTE: Thirteen projects are listed. These represent projects confirmed at the time of going to press. A further 3 projects are due to confirm shortly.
http://nds.coi.gov.uk/content/detail.asp?NewsAreaID=2&ReleaseID=366956
Lhasa
16 years ago
It's like Torotrak's IVT doesn't exist.
DETROIT (AP) - Ford Motor Co. said Wednesday it plans to greatly increase the use of more fuel-efficient six-speed automatic transmissions, doubling their number by the end of next year and putting them in 98 percent of its North American vehicles by 2012.
Ford said the six-speed automatic transmissions offer 4 percent to 6 percent better fuel economy than four- and five-speed automatics.
The Dearborn-based automaker says its 6F35 six-speed transmissions will debut in the 2009-model Ford Escape and Mercury Mariner crossover vehicles, which now have four-speed automatic transmissions. They also will go into the 2009 Mazda Tribute and two other vehicles early next year, Ford said.
"These technologies are all about fuel economy," said Craig Renneker, Ford's chief engineer for new automatic transmissions. Ford Vice President Barb Samardzich, head of the company's North American transmission operations, said the new transmissions are key to Ford's planned 30-percent cut in vehicle greenhouse gas emissions by 2020.
"They also deliver improved acceleration and smoother shifting, all at a great value for consumers," she said in a statement.
Congress passed a law last year that requires new cars and trucks to meet a fleet average of 35 mpg by 2020, a 40 percent increase from the current average requirement of 25 mpg.
Ford said its Sterling Heights, Mich., transmission plant will make 1.3 million 6F35 transmissions a year. A $658 million investment announced last year at transmission plants in Sterling Heights and Livonia, Mich., and Sharonville, Ohio, was primarily for making these transmissions, Ford said.
General Motors Corp. last month unveiled a six-speed automatic transmission combined with a four-cylinder engine in the popular 2008 Chevy Malibu. GM said the new powertrain would debut immediately in the high-end Malibu LTZ and next year in two lower-priced Malibu models.
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