PWR working on Tesla home battery, European electric car projects

Ormeau-based motorsports specialist PWR Performance Products is currently working on opportunities through areas including electric vehicles and home energy storage batteries.

Fairfax reports that the company, which declined to give specifics, was working closely with Tesla on energy storage, as well as with three European vehicle companies on electric and hybrid vehicles.

Founder Kees Weel didn’t elaborate, but said work on such vehicles had similarities with keeping the temperature of a torch down.

"You get more energy out of a battery that's kept cool," he told Fairfax.

The Gold Coast business makes cooling systems for nine-tenths of the world’s Formula 1 teams, and almost two-thirds of its revenues are from professional motorsport.

It also supplies teams in NASCAR, IndyCar and V8 Supercar competitions, and has won numerous export awards, including  Exporter of the Year at least year’s Endeavour Awards.

It listed on the ASX in November and expects to report five per cent of its 2015/16 revenues as coming from its “emerging technologies” division.