Sevcon Secures Grant to Develop New Range of Controllers for Electric and Hybrid Vehicles
SOUTHBOROUGH, Mass., April 24, 2015 (GLOBE NEWSWIRE) -- 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.
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