Sevcon Selected to Provide Controllers by German On-Road OEM
SOUTHBOROUGH, Mass., Feb. 3, 2015 (GLOBE NEWSWIRE) -- 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.
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