TTE forms alliance with Chinese bike parts maker

Michael Rouse, president and chief executive officer (CEO) of U.S.-based Turbine Truck Engines, Inc. (TTE), announced that TTE has entered into a strategic alliance with Tianjin Out Sky Technology Co., a leading Chinese bicycle parts manufacturer. The two companies will collaborate on the engineering and technical development of the Detonation Cycle Gas Turbine Engine (DCGT) for motorcycle engine applications. The agreement also stipulates establishing a joint venture to manufacture, market and sell the DCGT in China once the engine has been shown to have commercial potential. Tianjin has agreed to commit up to US$10 million in development funding over the next 18 months with a further commitment to purchase up to 5% of TTE’s common stock via the public markets. (August 14, 2009)