Home > Sport > Motorsport
Tuesday April 1, 2014 MYT 5:39:31 PM
Tuesday April 1, 2014 MYT 5:40:49 PM
LONDON (Reuters) - Williams Grand Prix Holdings, parent of the Formula One team, has sold a hybrid power unit that has applications in mass transport to British engineering firm GKN, the two companies announced on Tuesday.
GKN said it was paying 8 million pounds ($13.34 million) with further payments based on future sales and licences over the next 10 years.
Although relatively small in financial terms, the deal illustrates the spin-off value of technologies created for grand prix racing.
Williams Hybrid Power, which has developed flywheel systems for use in trams and buses and has also supplied the energy storage system for Audi's Le Mans-winning sportscar, posted a loss of 1 million pounds after tax in 2013.
The technology was developed for the 2009 Williams Formula One car and the company felt that it now needed to be expanded to reap the full benefit.
"GKN have the resources and expertise to fully realise the enormous potential of the motorsport proven flywheel technology, primarily within a variety of public transport applications," said Williams Group CEO Mike O'Driscoll.
Williams added that the sale, from Williams Grand Prix Engineering to GKN Land Systems, would see the unit rebranded as GKN Hybrid Power. Fifty employees will move to GKN as part of the deal.
(Reporting by Alan Baldwin and Keith Weir, editing by Sudipto Ganguly)
Vettel not expecting any gifts from Mercedes
Analysis - Rosberg must speed up to beat 'slow' Hamilton
Hamilton ends final Bahrain practice on top
Chinese hostess plays down Hamilton champagne incident
It’s Weiron’s turn to shine for Malaysia at the races
Zamri in prime condition for SuperSports challenge
South Africa's Zuma cancels foreign trip over anti-immigrant unrest
Muslim tourism is a promising market
'Star Wars: Battlefront' trailer to arrive after years of anticipation
Copyright © 1995-2015 Star Publications (M) Bhd (Co No 10894-D)