Transense confirms Bridgestone cooperation

In February, TPMS and sensor-maker Transense announced it had received an order for 50 of its iTrack II tyre monitoring systems for installation in mines in North America. On Tuesday 13 August the company confirmed that Bridgestone is the cooperation partner.

Based on the joint collaboration agreement, Bridgestone has agreed to offer the iTrack system exclusively as a mining tyre monitoring system for tyres 57 inches and above, for its off-the-road customers. Additionally, Bridgestone will be providing financial support by way of an interest free loan of $0.75 million to enable Transense’s Translogik division to support the accelerated rate of growth that was anticipated from the relationship. The agreement is for an initial 18 months with the ability to extend.

In response to the news Transense Technologies PLC share “surged”, Morningstar reported, adding that the Transense share price rose 13 per cent to 68.98 pence the same day.

In February, Transense announced an order from an unnamed new customer for 50 of its iTrack II tyre monitoring systems for installation in mines in North America. The AIM-listed firm clarified on Tuesday that this new customer was Bridgestone.

“We are delighted to have the opportunity to be working with Bridgestone,” Transense CEO Graham Storey said, adding: “They are a leading supplier of tyres to the mining OTR marketplace and their decision to offer the iTrack system is a testament to the capabilities of Translogik and the iTrack system.”