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From Williams
Williams Grand Prix Holdings PLC announced Tuesday the sale of Williams Hybrid Power Limited from Williams' subsidiary, Williams Grand Prix Engineering Limited, to GKN Land Systems Limited in a multi-million pound transaction. This will see Williams Hybrid Power rebranded as GKN Hybrid Power.
GKN has agreed to purchase the whole of the issued share capital of Williams Hybrid Power Limited from Williams Grand Prix Engineering Limited.
Under the terms of the transaction, Williams Grand Prix Engineering Limited will also receive additional consideration based on future sales and licences of the flywheel energy storage technology transferred with Williams Hybrid Power to GKN.
Williams Hybrid Power has been majority owned by Williams Grand Prix Engineering Limited since 2010, and is a clean technology SME developing electric flywheel energy storage technology.
The company was initially engaged in developing this technology for Williams' 2009 Formula 1 car, and supplied the flywheel energy storage system for the Porsche 911 GT3 Hybrid and the Le Mans winning Audi R18 e-tron quattro.
Williams Grand Prix Holdings PLC announced Tuesday the sale of Williams Hybrid Power Limited from Williams' subsidiary, Williams Grand Prix Engineering Limited, to GKN Land Systems Limited in a multi-million pound transaction. This will see Williams Hybrid Power rebranded as GKN Hybrid Power.
GKN has agreed to purchase the whole of the issued share capital of Williams Hybrid Power Limited from Williams Grand Prix Engineering Limited.
Under the terms of the transaction, Williams Grand Prix Engineering Limited will also receive additional consideration based on future sales and licences of the flywheel energy storage technology transferred with Williams Hybrid Power to GKN.
Williams Hybrid Power has been majority owned by Williams Grand Prix Engineering Limited since 2010, and is a clean technology SME developing electric flywheel energy storage technology.
The company was initially engaged in developing this technology for Williams' 2009 Formula 1 car, and supplied the flywheel energy storage system for the Porsche 911 GT3 Hybrid and the Le Mans winning Audi R18 e-tron quattro.