Sevcon Hits Automotive Milestone with Selection by Renault
SOUTHBOROUGH, Mass., March 26, 2012 (GLOBE NEWSWIRE) -- Sevcon, Inc. (Nasdaq:SEV) today announced its selection by Renault to supply Gen4 controls for Renault's newly introduced Twizy two-seater, electric city car. Currently on sale and shipping to customers in Europe, the Twizy combines the comfort and safety amenities of an automobile — four wheels, disc brakes, seat belts and front airbag — with nimble urban handling and parking and a range of 100km (60 miles) on a single 3.5 hour battery charge.
Renault is offering the Twizy in two versions, with top speeds of 28 and 50 miles per hour powered by Sevcon Gen4 Size 2 and Size 4 motor controllers, respectively. These microprocessor-based devices regulate power delivery from the Twizy's lithium-ion battery to the motor, controlling acceleration, speed and regenerative braking while optimizing energy consumption.
"Renault's selection of our Gen4 controllers for the Twizy is a significant milestone for Sevcon as we continue to execute on our strategy to supplement sales to our customers in the industrial vehicle segment by capitalizing on opportunities in the on-road electric vehicle sector," said Sevcon President and CEO Matt Boyle. "We are proud to add Renault to our portfolio of global automotive OEM relationships and pleased with the progress we have made this month in ramping Gen4 controller production and shipments to support the Twizy launch."
About Sevcon, Inc.
Sevcon is a world leader in the design and manufacture of microprocessor based 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 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
The Sevcon, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=9607
Forward-looking statements in this release about Sevcon's selection by Renault to supply Gen4 controllers for the Twizy electric vehicle are subject to risks and uncertainties that could cause actual results to differ materially from those we anticipate. In particular: global demand for electric vehicles 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; and 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. 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