Electric motor firm Saietta raises £37 million to accelerate growth strategy
Saietta Group, a UK company that developed the Axial Flux Technology electric motor, has announced its listing on the London Stock Exchange.
The listing on the LSE’s AIM market is expected to raise gross proceeds of £37.5 million with an approximate market capitalisation of £102.1 million at the issue price.
The Oxfordshire-based firm specialises in propulsion motors for a broad range of electric vehicles (EVs) and its AFT (Axial Flux Technology provides high and low voltage e-motor solutions to electric vehicles such as scooters and buses.
Saietta said its admission to AIM this week will be an important step in the company’s continuing development and will support the acceleration of its commercial progression to mass production of the proprietary AFT electric motor for a range of global market applications.
The IPO will provide Saietta with the capital to execute its growth plans, including establishing a motor durability testing facility and contributing to the expansion of a pilot production facility, which will increase the company’s European production capacity to 100,000 units per annum.
Wicher Kist, chief executive officer at Saietta Group plc, commented: “We have been greatly encouraged by the very positive reaction to our IPO which attracted support from a range of blue-chip institutions. It puts us in a strong position to deliver our exciting strategy.
“Although the motor industry has focused on the electrification of the passenger car segment, Saietta has taken a contrarian view and focused on high volume, high growth markets. We have taken high-end, high-performance technology and redeveloped it for low-cost, mass production giving our AFT motors potential across a wide range of EV applications.
“We believe we are uniquely positioned to disrupt the Asian lightweight motorbike market which is expected to dominate demand for motorbikes; global annual motorbike sales are independently forecast to increase to circa 100 million by 2030, 40% of which are expected to be electric. We are aiming to capture a material proportion of the rapidly expanding electric motorbike market.”
