A North East manufacturer of components for electric vehicles trading on the US Nasdaq has changed its name to reflect its success in global markets.
Tech/Ops Sevcon, which is based in Gateshead and makes motor control systems for a wide range of EVs, is today changing its name to Sevcon Inc. and will trade under the ticker symbol 'SEV' on the Nasdaq.
The Team Valley business was formed in 1961 and has been one of the world's leading suppliers of electronic motor control systems for zero emission vehicles for over 50 years. It was acquired by the US-based Tech/Ops in 1969 and has maintained its engineering headquarters on Tyneside ever since.
Sevcon's motor controls have traditionally been used in a wide range of battery powered industrial vehicles but it is seeing interest in its products rise due to growing global demand for on-road electric vehicles.
It recently secured deals to supply its latest generation of advanced motor controllers to major brands.
Matt Boyle, president and chief executive officer, said: "Sevcon is the trade name our customers know all over the world. Changing our corporate name reflects our increasing success in penetrating global on-road electric vehicle markets. "
In 2009 we were selected by Peugeot as the supplier of advanced control technology for their new 100% electric E-Vivacity scooter, and our new business pipeline includes designs for several other global automotive OEMs.
"We are also involved in a number of promising alliances for the development of breakthrough drivetrain technologies for electric and hybrid vehicles."
Sevcon's motor controls are used to vary the speed and movement of vehicles, to integrate specialist functions and optimise the energy consumption of the vehicle's power source.
Its products are used in a wide range of industrial applications including fork lift trucks as well as airport, utility and mining vehicles. They are also increasing used in on-road vehicles and scooters.
Matt added: "Given the strength of our new business and product development pipelines - as well as our proven capabilities in volume production, logistics and customer support - we expect to complement growth in traditional off-road applications with accelerating sales to on-road electric vehicle manufacturers in the quarters ahead.
"Our ability to leverage the experience gained from 60 years of providing rugged, compact, high-quality motor controls to makers of fork lift trucks, aerial lifts, airport tractors and other electric vehicles strongly positions us to expand our presence in the fast-growing global market for zero-emission cars, trucks, buses and motorcycles."