Innovative Kiwi Technology Companies win Government Reseach Grants
05 July 2002
5 July 02
Innovative Kiwi Technology Companies win Government Reseach Grants
IT Capital Limited (NZSE:ITC) today announced that two of its new proposed investee companies have been successful in securing significant government research and development grants.
Sealegs International has received $97,808 in funding from Technology New Zealand as part of its research and development (R&D) programme expenditure of $293,425 over the next 12 months. The funding will be used to assist Sealegs in developing its prototypes.
Sealegs have developed a patent pending system of motorised wheels that allows the craft to launch and be retrieved from the water without the need for a trailer. The boats have a number of applications, including use as luxury tenders, waterfront residence runabouts and as an emergency craft where rapid entry and exit from the water is important.
Conceptual Solutionz design for a more efficient electric motor has also been rewarded with Technology New Zealand funding. The total R&D forecast for the Radial Electric Engine has been set at $261,060 of which $87,020 will be contributed by the GPSRD grant system. Conceptual Solutionz has built a series of development prototypes of which the most recent is being used to test the advanced microprocessor control that allows it to run efficiently across a wide range of operating speeds and power requirements.
“The Radial Electric Engine has a wide range of possible applications although the electric vehicle market is probably the one that offers the most opportunity at this point,” says Peter Parsonage – CEO of Conceptual Solutionz. “The automotive industry is making a massive commitment to this market segment and is spending a great deal of money developing more efficient fuel cell technologies. There’s an obvious synergy with the work Conceptual Solutionz is doing with the Radial Electric Engine.
“This R&D grant will help to fast track our development of the Radial Electric Engine technology.”
Ian Gray of Technology New Zealand says, "It's exciting to be a part of a process that supports technical advancement and allows these companies to concentrate on the development of their innovative technology with the aim of increasing the technology component of their new products.
"We help to provide an environment that allows for a higher level of technical development and in doing so, ensure that when they are ready to take steps towards commercialisation, they do so knowing their product is as well researched and developed as possible."
ITC Shareholders will vote on the acquisition of a stake holding in Sealegs International, Conceptual Solutionz and a third company, Datasquirt, at this year’s Annual General Meeting, to be held on July 23rd.
