Solid State PLC Innovate UK funding for zero-emissions powertrain

TIDMSOLI

Solid State PLC

10 November 2020

RNS Reach - this is a non-regulatory announcement

10 November 2020

Solid State plc

("Solid State", the "Group" or the "Company")

Steatite secures Innovate UK funding to develop a

zero-emission powertrain solution for non-road mobile machinery

Solid State plc (AIM: SOLI), the AIM listed manufacturer of computing, power and communications products, and value added supplier of electronic and opto-electronic components, is pleased to announce that its Manufacturing division, Steatite, has secured funding from Innovate UK, the UK's innovation agency, for the development of its battery powertrain solution for non-road mobile machinery under its Sustainable Innovation Fund initiative. The aim of the research and development projects under the fund is to help all sectors of the UK economy build back better over the next two years after the effects of COVID-19.

The Company's Power business unit will develop a modular battery pack with a tailored battery management system which will be combined with a British sourced bespoke electric motor, providing a scalable, modular, zero emission powertrain solution. This powertrain will initially be installed in a woodchipper manufactured by GreenMech Ltd, Europe's leading woodchipper manufacturer, with the aim to be the first UK manufactured zero emission industrial woodchipper. The initial development process is expected to take 3 months.

In the longer term, the 100% UK designed and manufactured off-the-shelf powertrain using scalable modular batteries will be available for a multitude of light industrial plant equipment applications.

Matthew Richards, Steatite's Managing Director, commented:

"With the UK government's commitment to achieving a net zero carbon emission economy by 2050, many highly polluting sectors are now falling under the spotlight, such as small plant equipment.

"The move from fossil fuels to electric battery power will render these machines carbon neutral, aiding the reduction in pollution, particularly within the urban environment where many of these machines are operated.

"Steatite is once again driving world-class British innovation and playing its part in the net zero goal. The Innovate UK involvement has enabled us to accelerate our research and development in this sector supporting British jobs."

Innovate UK Executive Chair, Dr Ian Campbell, added:

"In these difficult times we have seen the best of British business innovation. The pandemic is not just a health emergency but one that impacts society and the economy.

"Steatite's zero-emission powertrain solution for non-road mobile machinery project, along with every initiative Innovate UK has supported through this fund, is an important step forward in driving sustainable economic development. Each one is also helping to realise the ambitions of hard-working people."

For further information please contact:

 
 Solid State plc                          Via Walbrook PR 
 Gary Marsh - Chief Executive             [e-mail] 
  Peter James - Group Finance Director 
 
 Walbrook PR (Financial PR)               020 7933 8780 
 Tom Cooper / Paul Vann                   0797 122 1972 
                                          [e-mail] 
 

Analyst Research Reports: For further analyst information and research see the Solid State plc website: https://solidstateplc.com/research/

Notes to Editors:

Solid State plc (SOLI) is a value added electronics group supplying industrial and military markets with ruggedised/durable components, assemblies and manufactured units for use in harsh environments. The Group's mantra is - 'Trusted technology for demanding applications'. To see an introductory video on the Group - https://youtu.be/bp4WfLCEc5Y

Operating through two main divisions: Manufacturing (Steatite) and Value Added Supplies (Solid State Supplies & Pacer); the Group specialises in complex engineering challenges often requiring design-in support and component sourcing for computing, power, communications, electronic and optoelectronic products.

Headquartered in Redditch, Solid State employs over 200 staff across the UK with a branch office in the USA, serving specialist markets in oil & gas production, transportation, medical, construction, security, military and field maintenance.

Solid State was established in 1971 and admitted to AIM in June 1996. The Group has grown organically and by acquisition - having made 10 acquisitions since 2002.

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November 10, 2020 02:00 ET (07:00 GMT)