TEAM Industries, Inc. and Fallbrook Technologies Inc. on Monday announced that their development partnership has continued to progress and the two have entered into an exclusive licensing arrangement for the use of NuVinci CVP (continuously variable planetary) technology in North America and Europe for electric and gasoline light vehicle applications.
The licensing arrangement between TEAM and Fallbrook includes exclusive manufacturing rights for TEAM’s light utility and recreational vehicle families for North America and Europe and includes an engineering services agreement for the development of a NuVinci vehicle transmission, with development running through 2013 and into 2014. The agreement also provides for royalties with commercialization volume milestones beginning in 2015.
"TEAM is dedicated to driving innovation, which is why we are so excited about the NuVinci technology and our agreement with Fallbrook," says David Ricke, TEAM CEO. “The NuVinci CVP will provide our customers with an advanced drivetrain solution that improves performance, efficiency and reliability."
TEAM is the largest supplier of rubber belt continuously variable transmissions (CVTs) to the All-Terrain Vehicles (ATVs), Utility Terrain Vehicles (UTVs), Low/Medium Speed Vehicles (LSVs/MSV's), and Neighborhood Electric Vehicles (NEVs) markets, all of which are included in Fallbrook's license to TEAM.
"TEAM and Fallbrook have been working since 2011 to validate the benefits of the NuVinci technology for TEAM’s products," said William G. Klehm III, Chairman and CEO of Fallbrook. "We have now signed an exclusive agreement to begin the commercialization of NuVinci products for TEAM’s customers. We're pleased with the progress to date and look forward to assisting TEAM in moving forward rapidly.
"We believe our innovative NuVinci technology can enable entirely new categories of vehicles," Klehm added. "And we are working with high quality manufacturers like TEAM to produce NuVinci CVP transmission products for their customers, the vehicle manufacturers."