Transense Technologies plc (LON:TRT), the provider of sensor systems for the transportation and industrial markets, has today provided an update on it’s relationship with General Electric Company (“GE”).
On 18 July 2016, the Company announced that it had entered into a licence agreement with GE for the use of Transense’s patented, wireless, passive Surface Acoustic Wave (“SAW”) technology in certain specific torque applications. An initial instalment of the licence fee of US$500,000 was paid on signing and a further instalment of US$250,000 was payable no later than 30 June 2017, subject to the Company’s SAW technology passing various tests to be conducted by GE.
The Company is pleased to announce that GE have now confirmed that the tests have been successfully concluded and the second instalment of US$250,000 is now payable. In addition, GE will pay a perpetual sales royalty to the Company in respect of each unit using the technology.
Graham Storey, CEO of Transense Technologies plc, said: “Both GE and the Company have been working hard since last July to achieve this result and we are delighted that our technology has passed all of the tests set by GE. The payment by GE of an initial licence fee of US$750,000 indicates their commitment to the technology and we will now be working together with them to achieve commercialisation.”