Equipmake Holdings - Award of £1.6 Million Grant
28/04/2023 07:00
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RNS Number : 7798X Equipmake Holdings PLC 28 April 2023
This announcement contains inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 as it forms part of UK domestic law by virtue of
the European Union (Withdrawal) Act 2018 ("MAR").
28 April 2023
Equipmake Holdings plc
("Equipmake" or the "Company")
Award of £1.6 Million Grant
Equipmake, the UK-based engineering specialist pioneering the development and
production of electrification products across the automotive, aerospace, bus,
coach and fire truck industries, is pleased to announce the award of a grant
to participate in a consortium under which Equipmake will further develop its
electrification technology for electric vehicles. The consortium is
proposing the development of an integrated fuel cell battery hybrid system,
featuring Equipmake's motor, inverter and related technologies, suitable for
the bus and other goods and passenger vehicle markets.
Equipmake will develop an innovative DC-DC converter for integration into an
800V fuel cell system and battery system. This will include the development of
the battery management system and thermal management system to integrate the
fuel cell, battery and powertrain with the cabin heating/cooling requirements.
Equipmake will also integrate the system onto its Jewel E double-decker bus
platform before trialling it.
Under the grant, Equipmake Limited, a wholly owned subsidiary of Equipmake,
has been awarded funding up to £1.6m, on a matched funding basis. The
company will provide further details in respect of the grant in due course.
Commenting on the project, Ian Foley, CEO of Equipmake said: "We are excited
to contribute our considerable electric vehicle electronic development and
repowering expertise to this exciting partnership. The use of Equipmake's
technology continues to grow rapidly in projects across the UK, and beyond.
"For Equipmake, participation represents the opportunity to explore an
expansion of our bus repowering capabilities by demonstrating fuel cell, as
well as battery, electric solutions and the potential to capitalise on the
clear integration synergies between systems."
**ENDS**
For further information, please contact:
Equipmake Via St Brides Partners
Ian Foley, Founder and CEO
Steven McGillivray, CFO
Panmure Gordon (Corporate Adviser & Joint Broker) Tel: +44 (0) 20 7886 2500
John Prior / James Sinclair-Ford / Freddie Twist
Hugh Rich / Sam Elder
VSA Capital Limited (Joint Broker)
Simon Barton / Alex Cabral Tel: +44 (0) 20 3005 5000
St Brides Partners (Financial PR Adviser) Tel: +44 (0) 20 7236 1177
equipmake@stbridespartners.co.uk
Susie Geliher / Paul Dulieu
About Equipmake
Equipmake is the UK-based engineering specialist pioneering the development
and production of electrification products to meet the needs of the
automotive, aerospace and other sectors in support of the transition from
fossil-fuelled to zero-emission powertrains.
Equipmake is a leader in ultra-high performance electric motors and complete
EV drivetrains and ultra-fast power electronic systems. As well as developing
proprietary technology - such as an ultra-compact, lightweight high
performance spoke motor - it also offers industry-leading EV consultancy.
Equipmake has developed a vertically integrated solution providing fully
bespoke solutions. The Company has built a significant pipeline of
opportunities, as demand for electric vehicles increases as part of the global
decarbonisation movement.
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