Transense inks deal with Meggitt SA

Sensor systems developer Transense Technologies announced the signing of a memorandum of understanding with Meggitt SA on Tuesday.

The AIM-traded firm said Meggitt SA designs and manufactures complete condition monitoring, vibration monitoring and measurement solutions for the aerospace and energy markets.

Under the memorandum, Transense would support Meggitt's evaluation of potential market opportunities for future deployment of ‘SAW’ technology in the aerospace sector.

It added that the shared intention was for Transense to grant a licence covering relevant fields of use to Meggitt at the conclusion of the memorandum of understanding, on or before 31 December 2023.

“We are delighted to be working with Meggitt SA in the aerospace market,” said Transense executive chairman Nigel Rogers.

“We have developed close working relationships and have a shared vision of the many advantages that SAW technology offers to customers in this rapidly changing sector.

“Meggitt provides aerospace sensing and monitoring systems to the leading aerospace manufacturers and operators around the world, and are an ideal partner for Transense as we seek to promote our technology in this exciting arena.”

At 1256 BST, shares in Transense Technologies were up 27.43% at 63.08p.

Reporting by Josh White at Sharecast.com.