Turbo Power Systems wins new contract, extends loan agreement

13th May 2014 08:34

Electrical machines provider Turbo Power Systems (TPS) has been selected by UK Power Networks to supply a new design of electrical energy controller on the electricity distribution networks in London and Brighton.The project, which is part of the UK Power Networks' Flexible Urban Networks Low Voltage (FUN-LV) project, is expected to trial the use of power electronics devices on low voltage distribution networks. The Low Carbon Network Fund (LCNF) Tier-2 project is TPS' first in the low carbon initiatives market and the company is "optimistic of securing further contracts".Chief Executive Officer Carlos Neves said: "Electrical substations form an important part of the national grid, providing an interface between the medium voltage electrical delivery system and the safe voltages distributed to domestic and industrial users. "Turbo Power Systems' new design of electrical energy controller optimises the use of existing network capacity to accommodate increased loadings for renewable energy generation, whilst additionally supporting the addition of new homes and offices within the capacity of installed networks."TPS also announced it has received an extension to its existing loan agreement with TAO Sustainable Power Solutions "in order to provide support for the company's working capital requirements as it awaits collections from certain principal debtors".The companies have agreed to extend the existing debt provided by TAO by a total of £0.40m bringing the total value of the TPSL's borrowings from Tao to £9.89m.As of 09:51, the share price had dropped by 11.1% to 0.35p.WS