TIDMSED
RNS Number : 1608T
Saietta Group PLC
13 November 2023
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014 which forms part of UK
law by virtue of the European Union (Withdrawal) Act 2018
("MAR").
Monday 13 November 2023
Saietta Group Plc
("Saietta", the "Company" or the "Group")
Saietta VNA Secures Second Major eDrive Order From Mainstream
Indian Client
Pictured: Saietta VNA's 33,000 sq-ft production facility in
Delhi, India
Saietta Group plc (AIM: SED), the multi-national business which
designs, engineers and manufactures complete electric drivetrain
(eDrive) solutions for electric vehicles, announces that its 49.5%
owned Indian joint venture, Saietta VNA, has received an order for
complete eDrives from its lead Indian client for a second of their
light commercial vehicles.
The customer is a global OEM (Original Equipment Manufacturer)
and one of the largest producers of light commercial vehicles
(LCVs) in the Indian market. The purchase order is for
approximately GBP106,000 of systems for the pilot production over
the next c3 months. Target volumes indicated by the client, subject
to further purchase orders, are expected to commence in Q2 2024
generating revenue for Saietta VNA of approximately GBP12.7 million
in the first year of production, with an expected minimum of 60,000
orders over a 5 year period.
The order is for Saietta's proprietary, all-new Radial Flux
Technology (RFT) motor, mated to a bespoke Saietta controller,
transmission, axle and vehicle control unit. This is the first
significant order for the Company's new RFT eDrive, validating the
substantial commercial opportunity that this technology represents
for Saietta.
This is the second order Saietta VNA has received in quick
succession from the same Indian OEM. The first was announced on 27
September 2023 for an eDrive consisting of Saietta's proprietary
Axial Flux Technology (AFT) motor with an integrated controller,
transmission, axle and vehicle control unit. This means that
Saietta VNA now has two eDrive product lines commencing production
with a combined indication of minimum volumes of 100,000 units
within the first 5 years of vehicle production.
Pictured: Production line at Saietta VNA's production facility
in Delhi, India
Both eDrive solutions have been designed and developed at
Saietta's Global Technical Centre in Silverstone, UK, and will be
manufactured at Saietta VNA's all-new 33,000 sq-ft production
facility in Delhi, India, utilising a largely local supply chain
(see appendix for images of the Indian facility). Production has
already commenced for the AFT eDrive and the RFT eDrive system is
targeted to commence production in Q2 2024. Vehicles powered by
Saietta's AFT and RFT motors are expected to be on India's roads in
the first half of 2024.
Further to the announcement on 19 October 2023, the Company is
seeking funding for working capital and to capitalise on the clear
opportunity in the Indian lightweight vehicle market, as further
demonstrated by this contract win. The Company is in advanced
discussions with key stakeholders and will provide a further update
in due course as these conversations progress.
Tony Gott, Executive Chairman, Saietta Group plc, said:
"This is the second order secured by our Indian JV in quick
succession from the same mainstream Indian lightweight vehicle
manufacturer which demonstrates the success of our technical
collaboration. We have solutions for two further product lines for
them also under development which we expect to mature into orders
in time. We believe this confirms market pull for our modular
products and services in this highly demanding, cost-competitive
market.
The addition of the all-new second eDrive model line based
around our proprietary Radial Flux Technology (RFT) motor is a
game-changer for Saietta it opens up the huge Indian electric 2
wheel market which numbered nearly 900,000 registrations in the 12
months to end September 2023. Currently electric 2 wheelers account
for around 5% of all 2 wheel registrations in India, so the
potential for Saietta's RFT motors is very clear as this sector
rapidly transitions to electric propulsion.
The order announced today is for a RFT derivative which sits
just below our flagship AFT motor family in terms of performance
and is for a lightweight 3 wheel vehicle. However, it's just the
first derivative and we intend to bring to market a modular family
of RFT eDrive systems which will enable us to provide solutions
across the lightweight 2 and 3 wheel sector in India and beyond and
to secure the commercial opportunities which are clearly in front
of us right now."
Background on the Indian Market
Demand for eMobility solutions in India is rapidly increasing.
It's currently running at just over 1.5 million EV registrations
for the 12 months to end September 2023, compared to just over 1
million units for CY 2022, which itself was up over 200% on CY
2021. Lightweight vehicles are the dominant form of transport in
India, accounting for over 94% of all EV registrations for the 12
months to end September 2023. Saietta has engineered a range of
eDrive solutions in the UK specifically for the Indian lightweight
vehicle sector, to be made in India with a largely Indian supply
chain and so is well positioned to capitalise on the clear market
trend.
-Ends-
For any further enquiries, please contact:
Saietta Group via FTI
Tony Gott , E xecutive Chair
David Woolley, Chief Executive Officer
Canaccord Genuity (Nomad and Broker) Tel: +44 (0) 207
Henry Fitzgerald-O'Connor / Harry Pardoe 523 8000
FTI Consulting (Financial PR advisor) Tel: +44 (0) 20 3727
Ben Brewerton / Dhruv Soni 1000
saietta@fticonsulting.com
About Saietta Group plc
Listed on the London Stock Exchange's AIM, Saietta is a global
business that designs, develops and manufactures complete electric
drivetrain (eDrive) solutions for established manufacturers of a
broad range of electric vehicles.
Saietta's breakthrough proprietary technologies include AFT
(Axial Flux Technology) and RFT (Radial Flux Technology) motors,
power electronics, powertrain controls, mechanical axles,
transmissions and vehicle control units. Considerable flexibility
is built into the core design, meaning solutions can be quickly and
cost effectively tailored to a specific application.
Saietta works in a highly collaborative way with clients, driven
by the belief that partnership is key to delivering world-class
tailored solutions at pace. Saietta's engineering team takes time
to deeply understand a client's brand, target market sector,
competition and the services they require. Then Saietta develops a
bespoke suite of products and services to fast-track the client to
production with eDrive solutions which deliver a sustainable
competitive advantage.
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