Ground-breaking fuel-saving invention needs help
A GROUND-BREAKING hydraulic motor, which promises to reduce heavy vehicle fuel cost by 30-40%, could be retrofitted in every truck worldwide.
However, in order for the Lismore-based Advanced Hybrid Solutions to win the worldwide race to the marketplace, the publicly- listed company needs to harness the support of shareholders.
The challenge 82-year-old Neil Hargreaves has is to prove to potential investors how far the hydraulic technology has comes since it was administered under the failed Permo-Drive start-up. The liquidated company left 900 shareholders out of pocket.
While Mr Hargreaves admits Permo-Drive was "a disaster", he believes his brand new hydraulic motor - able to capture braking energy at high-revs in heavy vehicles - is a winner.
Permo-Drive failed to attract buyers for similar technology and, despite much-hyped talks with the US Army, went into administration with unserviceable debts in 2012.
Permo-Drive failed because "the technology was not there yet," Mr Hargreaves said.
"My aim before I go, and I'm racing time, is to have it all set up. I want it to be local and I want it to work," he said.
So far, 53 of the 900 shareholders of Permo-Drive are backing the second- generation company.
Page PM Kevin Hogan said it was an energy conservation technology that could reduce our reliance on fossil fuels.
"It could be potentially revolutionary," he said. "It started off here and we need to help you keep it local."
Mr Hargreaves said there was no other equivalent and the company was looking into crowd-funding.