Tech/Ops Sevcon, Inc. Receives U.K. Government Grant Worth $0.4M

Tech/Ops Sevcon, Inc.

today announced that it has received a second research and development grant from One North East, the Regional Development Agency responsible for the support of business in the North East of England. The grant of £250,000 ($400,000) was awarded to assist the Company in the acceleration of the availability of its new EVO5 product. EVO5 is a novel, integrated motor and controller package aimed at on road electric vehicle drive train applications. The combination of motor and controller, its compact nature and variants thereof will allow it to be used in a wide range of vehicles, including parallel and serial hybrids as well as direct drive full EV vehicles. The grant is payable quarterly in arrears and will defray part of the engineering cost associated with the acceleration of the product's development up to March 31, 2011.