Sevcon Selected to Provide Controllers by German On-Road OEM
February 03 2015 - 6:34PM
Sevcon, Inc. (Nasdaq:SEV) today reported that it has entered into
an agreement with a large German on-road OEM to develop and supply
controllers for a new line of integrated starter generators, the
key component in a new start/stop system being developed for heavy
trucks and buses in Europe.
The development will take two years and will be partially funded
by the customer. During the course of development, the company will
provide prototypes and samples. Volume production is due to
commence in 2018.
"We have been working very hard on these electrification
applications around the world," said Sevcon President and CEO Matt
Boyle. "This success is another example of how our technology can
be used to help customers with the electrification of their
product. Our electrification focus is enabling us to capitalize on
the global automotive industry's transition from internal
combustion to electric drivetrain technology. We see more
opportunities with the increasing electrification of all classes of
future vehicles, driven by the need for more efficient
transport."
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. The Company supplies
customers throughout the world from its operations in the USA, the
U.K., France, China 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 are forward-looking statements subject to risks and
uncertainties that could cause actual results to differ materially
from those we anticipate. In particular: Sevcon may not receive the
orders it expects under the new contract; capital markets are
cyclical and weakness in the United States and international
economies may harm our business; global demand for electric and
hybrid 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 and hybrid vehicle markets
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; 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
SEV@InvestorRelations.com
Matt Boyle
President and CEO
1 (508) 281 5503
matt.boyle@Sevcon.com
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