LONDON (SHARECAST) - Shares of Transense Technologies leapt as the maker of industrial sensor systems said sales for the first four months of the new financial year surged almost fourfold from the same time last year.
The Oxfordshire based group, which makes tyre pressure monitoring technology, said it has made progress towards commercialisation of the torque flexplate in partnership with General Motors. It is also in advanced discussions with a second major car components manufacturer regarding a further flexplate project.
"The flexplate is an integral part of the vehicle powertrain control system and has the potential to improve vehicle driveability, reduce fuel consumption and improve transmission shift quality," Transense explained.
Meanwhile in motorsport, the firm is now supplying drive shafts to McLaren for use in Indycar. It is also receiving royalties from its licensee, Stack, in regards to its tyre pressure monitoring system (TPMS).
Elsewhere the Intelwind project, to boost the efficiency and reliability of wind turbines, is continuing and Transense is now in discussions with regards to further FP7 initiatives.
"As part of the company's strategy to diversify into non-automotive markets, a number of new paid for customer-driven projects are underway, developing Transense's patented SAW (Surface Acoustic Wave) technology for use in avionics, space and a variety of industrial applications," it said in a statement.
Furthermore its IntelliSAW Division now has nine major pilots underway for its IS485 wireless/passive switchgear temperature monitoring system.