TIDMSED
RNS Number : 9845M
Saietta Group PLC
27 September 2021
Monday 27 September 2021
Saietta Group plc
("Saietta" or "the Company")
Operational Update
Saietta Group plc, the UK company that has developed the
innovative, patent protected, AFT electric motor designed for high
efficiency electric vehicle drivetrains, today announces its first
Operational Update since its successful admission to trading on AIM
in July 2021.
Saietta has developed its low cost, low maintenance and highly
efficient AFT (axial flux electric motor technology) motor to
democratise the transition to mass market electrification, making
the EV revolution accessible to millions of people around the world
and supporting high-growth economies to achieve their carbon
reduction targets.
The global automotive manufacturing industry, which consisted of
c. 74,000 enterprises and generated over $2 trillion of revenue in
2019, is experiencing substantial change as it transitions from
internal combustion engines to electric motors. Further focus on
the importance of robust and efficient drivetrains in the EV
sector, from mopeds to HGVs, was evidenced in the recent
acquisition of Oxford-based YASA Limited by Mercedes-Benz.
Commercial & Product update
Saietta has made considerable progress since the IPO in its core
focus lightweight mobility market; commencing the planned expansion
of its UK production and testing capabilities; and has opened-up
access to a new market segment with significant potential.
As anticipated the financial resources secured through the IPO
have enabled the Company to accelerate its interaction with a
number of OEMs including the completion of a number of operating
motorbike models retro-fitted with Saietta motors which are being
shipped to India. Saietta remains dedicated to securing a number of
long-term, high volume OEM relationships globally.
In line with its core focus on lightweight mobility, Saietta has
been working with Electric Assisted Vehicles Ltd ("EAV") and has
entered into an agreement to be the exclusive supplier of in-wheel
traction motors to EAV's proposed Lightweight Inner-City Solution
("LINCS") vehicle. EAV has already commenced sales of its existing
range of e-cargo bikes to a variety of customers including, but not
limited to, DPD, Asda and Ocado as well as having sold a number to
a major global automotive OEMs for evaluation, development and
testing. EAV is currently focusing on developing the complementary
larger LINCS vehicle with Saietta. The LINCS is a modular
lightweight skateboard-style platform intended to be an emissions
free alternative to the traditional transit van in urban
environments. Additionally, the LINCS is designed as part of an
integrated commercial transportation and delivery network to work
with the existing e-cargo bike fleet which is currently being
rolled out. Saietta's management believe that EAV's current
commercial traction and existing customer base means that EAV is
well positioned to potentially develop into a significant modular
vehicle systems supplier over time. In the event that EAV's
customers adopt the LINCS platform then Saietta will derive motor
sales revenue from its exclusive supply contract, royalty income
and conditional volume-based production scale up project fees, as
well as certain other potential revenue streams.
Saietta's marine division has achieved its target of commencing
in-water testing of its first prototype e-outboard motors, in line
with the ambitious schedule outlined at the time of the IPO. In
addition, the Company has developed an inboard variant suitable for
both retrofit and new build applications which has also
successfully commenced testing. The Company aims to deliver these
complete systems to end customers in 2022 in order to fulfil a
pressing, regulatory-driven need for zero pollution marine
propulsion in inland waterways. These products will be revealed at
the Marine Equipment Trade Show in Amsterdam in November 2021.
As regards global licensing activity, Saietta is continuing
discussions with a range of Chinese OEMs with regards to offering a
China domestic regional licence for tender during 2021. Due to an
increasing number of potentially interested parties and the
expanding IP and product portfolio, the Board believes it is in the
Company's best interest to extend the current phase of counterparty
evaluation before finalising the process. Additionally, the Company
has continued to progress the definitive legal documentation for
the establishment of a joint venture with Padmini VNA in order to
address the lightweight mobility sector in the Indian market.
In response to significant industry interest, Saietta has
commenced operations in the high-performance car market segment.
The Company is developing a production ready 800V high performance
motor with a target launch in the summer of 2022. This motor will
be based on the Saietta AFT 190 topology (which is a derivative in
the same vein as the AFT 110 and 140) and will aim to be broadly
comparable in performance to YASA's P400 motor. This development
effectively opens a completely new market segment for Saietta which
was not envisaged at the time of the Company's IPO earlier this
year.
R&D
Work has continued to enhance the Company's growing range of AFT
motors, further refine the technology for mass production, expand
the overall IP portfolio - in particular strengthening patent
applications into Asian markets - and to on board additional key
talent, including a newly recruited Head of Engineering joining the
team in October.
Capital Expenditure Projects
Since admission to AIM the Company has placed key equipment
orders and made progress with the commencement of the development
of the initial phase of its motor durability test centre, under the
direction of a Head of Testing who joined at the start of July. The
initial commercial revenues from testing activity have been secured
in September 2021 using a third-party test centre until Saietta's
bespoke expanded test centre is operational.
The Company has also initiated the development of both
manufacturing equipment and streamlined processes that enable an
automated scaling up of production volumes. In addition, a new Head
of Production has been recruited and will join the team in
November. The Company aims to achieve its next phase of production
scale up using its existing properties as well as using an
additional available building at Heyford Park.
Saietta remains on track to ramp up its UK-based production
capacity to its target of 100,000 units per annum by 2024 with
approximately GBP2.0m of expenditure commitments having been placed
and headcount increasing more than ninety per cent over the past 12
months.
Wicher (Vic) Kist, Chief Executive of Saietta, commented:
"The rapid progress since we revealed our range of AFT motors
late last year has been maintained with commercial, product and
R&D progress continuing on all fronts. The high level of
industry interest in our AFT technology since IPO has been
remarkable, and we are therefore deliberately being cautious and
targeted as we select our initial customers and partners.
The recent acquisition by Mercedes-Benz in this area shows how
the automotive industry is increasingly focused on the development
of robust, efficient and affordable EV drivetrains. This
development also opens a new market segment for Saietta, for high
performance cars, which was not envisaged at the time of our
IPO.
The growing collaboration with EAV on the development of their
LINCS platform will help showcase how effective Saietta in-wheel
motors can be for lightweight commercial vehicles and we hope could
become a significant revenue opportunity in its own right.
We have demonstrated that Saietta can reduce axial flux electric
drivetrain cost without diminishing performance, which is essential
if EVs are to become more accessible for mass market consumers
across a wider range of vehicle platforms from lightweight to
commercial."
-S-
This announcement contains inside information as defined in
Article 7 of the EU Market Abuse Regulation No 596/2014 and has
been announced in accordance with the Company's obligations under
Article 17 of that Regulation.
For any further enquiries, please contact:
Saietta Group via FTI
Wicher (Vic) Kist, Chief Executive
Steven Harrison, Finance Director
Canaccord Genuity (Nomad and Broker)
Henry Fitzgerald-O'Connor
Patrick Dolaghan 0207 523 8000
FTI Consulting (Financial PR advisor) Tel: +44 (0) 20 3727
Ben Brewerton 1000
James Styles saietta@fticonsulting.com
Dhruv Soni
About Saietta:
Saietta is an AIM-quoted, UK electric drive company, that has
developed the innovative, and patent protected, axial flux
technology (AFT) motor, which can power a wide variety of electric
vehicles, ranging from scooters, motorbikes, cars, marine engines,
through to larger vehicles. Saietta's initial focus is to enable
the mass market electrification of the high-volume motorbike and
lightweight vehicle market across Asia. Saietta is democratising
the EV revolution with motors capable of delivering high torque
density at low voltage, whilst being low-cost, low-maintenance, and
highly suitable for mass market production.
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