Power electronics and motor specialist AVID Technology has recently won several new contracts totaling £50 million per year. The largest contract is a £34 million deal to develop an integrated EV system for a Tier 1 automotive supplier. Others include a £3.5 million contract to develop and supply customized electric cooling pumps and a 5 year, £5 million deal to provide 48 V electrification products for a supercar manufacturer.
Besides contracts, AVID is currently a finalist for the title of Growth Champion of the Year as part of the Growth Investor Awards 2018. Votes have already been cast, and the winner will be announced on November 7th.
“Innovation is at the heart of what we do. We have been developing powertrain technology for electric and hybrid vehicles for over 12 years and are now seeing the market take off in a huge way” says AVID managing director Ryan Maughan. “We have recently appointed a vice-president of business development to run our new USA office in Michigan to grow our presence in the North American market.”
Source: Electric Vehicles Magazine